Compulsory acqusition of Agricultural land

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C.A.FINAL
20 Points Posted on 05 March 2009

Dear Friends

Please tell me about the taxability of compensation received against compulsory acquisition of agricultural land in situated in  Hapur  acquired by Greater Noida Authority  .

Year of Purchase -01.07.1984 Rs.2 Lakhs

Year of Acquisition .2005-06

Compensation received .year 2007-08 Rs.16 Lakhs

And also tell me the ITR NO. in which the assesee can file the return.

Waiting for your answer

Thanks

Jai Ho

S.K.GUPTA

 

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On 05 March 2009 at 12:04 Report
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CA
20 Points Posted on 05 March 2009

 

If the assessee is Individual or HUF, then U/s 10(37), any capital gain that arises from compensation received against compulsory acquisition which is received after 31.03.2004, is exempt from tax from AY 2005-06 onwards.
 
Assuming in your case the assessee being Individual, Cap. Gain from Compensation received during the year is exempt from tax.
For your question with regard to ITR no., please visit the following link :
https://incometaxindiaefiling.gov.in/portal/selectforms.do
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On 05 March 2009 at 12:24
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prop
20 Points Posted on 15 April 2011

what if the urban agricultural land was purchased by the individual only 3 months before it was acquired

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On 15 April 2011 at 15:29
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Guest

Posted on 15 April 2011

what if the urban agricultural land was purchased by the individual only 3 months before it was acquired

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On 15 April 2011 at 16:18
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Tax Consultant
20 Points Posted on 15 April 2011

Mr.Ashis and Mr.M.Hemant

In your the capital gain is short term capital gain.

Best Wishes

Sathikonda

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On 15 April 2011 at 19:23

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