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Do I need to pay tax

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19 Points Posted on 12 October 2020
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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On 12 October 2020 at 03:42 Report
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Profession Business
28207 Points Posted on 12 October 2020
Hamdani


whatever compensation your mother will receive it is taxable in the hands of your mother.
44 Reply
On 12 October 2020 at 07:29
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3924 Points Posted on 12 October 2020
Is it Compalsary Land Acquisition case ?.
5 Reply
On 12 October 2020 at 08:19
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Tax consultant
5895 Points Posted on 12 October 2020
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
57 Reply
On 12 October 2020 at 10:31
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204 Points Posted on 12 October 2020

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.

 

1 Reply
On 12 October 2020 at 13:53
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19 Points Posted on 13 October 2020
Thank you all
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On 13 October 2020 at 02:00


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