Hi
How to save tax on Compensation received on compulsory acquisition of Agricultural land by government, if such agricultural land is within municipal area of municipality and under which section????? A detailed answer is required.
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Compensation recd. from compulsory acquisition of ag. land
Replies (3)
Find out the capital gains by indexation. Invest the capital gains in buying another Agri land or invest in the bonds specified u/s54EC
capital gains arising on compulsry acquisition of urban agriculture land is fully exempt u/s 10(37), provided that the agriculture land has been used by the individual or his family during two preceeding years.
Dear Suguna,
Since the land is within the municipal limits the exemption u/s 10(37) is not applicable
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