sir
can you please tell me do I need to pay income tax for the amount to be received from the government in regard to the land acquisition of my property this year 2020. please guide me.
thank you, regards.
Yousuff
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Do I need to pay income tax for the amount Received
Replies (4)
Yes capital gains tax needs to paid on this. however you can claim exemption by investing in capital gains bonds upto 50lacs
Suppose if I received 60 lakh from government in regard to the land acquisition I can claim 50 lakh exemption by investing in capital gain and pay tax on remaining 10 lakh
In case consideration is received under The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 then whole amount received will be exempted u/s 96 of the said Act
Thank you sir s for your valuable information sirs
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