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
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Do I need to pay tax
Replies (5)
Hamdani
whatever compensation your mother will receive it is taxable in the hands of your mother.
whatever compensation your mother will receive it is taxable in the hands of your mother.
Is it Compalsary Land Acquisition case ?.
The property is sold by your mother in her name and in in 26as form of your mother it will be reflected so your mother is required to file ITR not you again for exemption you have to check whom it sold .
you will fill you itr as per the early way
you will fill you itr as per the early way
In my opinion:
1. Any tax or exemption will be availed by your mother only.
2. You talked about acquisition. Is it compulsory acquisition. if acquired by specified agency after 01.01.2014. You may get benefit of RFCTLARR Act. Section 96 of it provides that income tax shall not be levied on any award or agreement made. You may also refer to CBDT circular no. 36/2016 dt. 25.10.2016 regarding the taxability of the amount of compensation received.
Thank you all
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