comulsory aquizition of land
ashish tripathi (22 Points)
24 December 2017
is comolsory acquigition of land exempt from tax ? under which section it is???
5 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193895 Points)
Replied 24 December 2017
The RFCTLARR Act which came into effect from 1st January, 2014, in section 96, inter alia provides that income-tax shall not be levied on any award or agreement made (except those made under section 46) under the RFCTLARR Act. Therefore, compensation received for compulsory acquisition of land under the RFCTLARR Act (except those made under section 46 of RFCTLARR Act), is exempted from the levy of income-tax.
CIRCULAR NO.36/2016 [F.NO.225/88/2016-ITA.II], DATED 25-10-2016
lalith h b
(12 Points)
Replied 24 December 2017
Dhiraj Sir,
Am a student and i have read that compulsory acquisition is transfer under 2(47)
and If a capital asset is acquired compulsorily then it is chargeable under the head Capital gains?
Please clarify
Am a student and i have read that compulsory acquisition is transfer under 2(47)
and If a capital asset is acquired compulsorily then it is chargeable under the head Capital gains?
Please clarify
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193895 Points)
Replied 24 December 2017
Yes, provided not exempted under any specific act/rules, as RFCTLAAR act here.
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