1. The definition for the purpose of agriculture land is given in sec 2(14)(iii)(a)/(b) along with an explanation. If it falls under that definition, then the same will be covered u/s 10(37).
2. It does not matter whether the same is rural or urban agriculture land as long as it is covered u/s 2(14)(iii)(a)/(b) for claiming exemption u/s 10(37).
3. If it does not fall under the above section then as mentioned by you it will be taxable under sec 56(2)(viii) and deductions u/s 57(iv) to the extent of 50% of the amount of interest on compensation received will be available.
Please correct me if the above solution has an alternative view.
Shaswat initial support private limited
Ahmedabad
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