sir if a persons land compulsorily acquired by central or state government.then whats all treatments should be done ..
nd how to calculate tax on that money which had received by owner of land ..
nd also tell me about deduction on these type of income ...
Gaurav Kumar Mishra
thanku CCA
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Gauravqueries
Replies (1)
If the land is aquired by Government under RAFTLAAR act, compensation received for compulsory acquisition of land is exempted from the levy of income-tax.
File the ITR with declaration of the sale transaction under Schedule EI.
Read more at: https://www.caclubindia.com/forum/are-they-eligible-for-tax-451875.asp
Read more at: https://www.caclubindia.com/forum/are-they-eligible-for-tax-451875.asp
If the land is aquired by Government under RAFTLAAR act, compensation received for compulsory acquisition of land (except those made under section 46 of RFCTLARR Act), is exempted from the levy of income-tax.
Read more at: https://www.caclubindia.com/forum/are-they-eligible-for-tax-451875.asp
Read more at: https://www.caclubindia.com/forum/are-they-eligible-for-tax-451875.asp
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