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
Menu
Do I need to pay income tax for the amount Received
Replies (4)
Quick Summary
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
Recent Topics :
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
- Sell of CAFC books
- ITC ON RENT
- GSTR-9 Table 8A Portal and Excel Issues
- IGST on Commercial Rental Income (Different State)
- Revocation of suo moto cancelled GST registration
Related Topics :
CAclubindia
