Compulsory acqusition of Agricultural land

SATYENDRA KR. GUPTA (C.A.FINAL) (242 Points)

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