sir, I am a government servant paying Income tax from my salary. Due to my mother's property land acquisition issue, I might get some 90 lakhs of rupees during this financial year I hope. My question is, do I need to pay tax on the land acquisition amount or is this amount is exempted from payment income tax under Land Acquisition new act of 2013. kindly clarify this please.
warm regards
Yousuff
Hamdani
whatever compensation your mother will receive it is taxable in the hands of your mother.
CAclubindia
