Compulsory acqusition of Agricultural land

1040 views 4 replies

SATYENDRA KR. GUPTA

C.A.FINAL

242 Points Joined January 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

Replies (4)

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