Compensation received for compulsory acquisition of urban land non agriculture from NHAI where taxable plz reply.
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Compensation on compulsory acquisition
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Normally Taxable as capital gain
Wide Circular number 36/2016 dated 25th October, 2016; It is hereby clarified that compensation received in respect of award or agreement which has been exempted from levy of income-tax vide Section 96 of the RFCTLARR Act shall also not be taxable under the provisions of Income-tax Act, 1961 even if there is no specific provision of exemption for such compensation in the Income-tax Act, 1961.
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