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long term capital gain

AMIT (B.Com) (155 Points)

29 September 2018

sir govt aquired old NH4 road some of portion of my land n give cheque after tds deduct, my question is whether is property under taxable or exempted from the income tax...? please help us my file in under scrutiny

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CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 29 September 2018

compensation received from government for acquisition of land is taxable under head Capital Gains

Shivam gupta (student) (263 Points)
Replied 29 September 2018

Generally all the copulsory acquisitions are made under RFCTLARR ACT,2013.
Compensation received under such acquisitions are not taxable.(circular no 36/2016).

Ashwin Kumar (1229 Points)
Replied 29 September 2018

If it is agricultural land then it is not taxable and the considertation is exempted. If it is a non agricultural land then the said consideration is taxable...if i am correct, since you have said that they have deducted tds then it must be under section 194la and you must have recieved a consideration above rupees 280000. the consideration is taxable under the head capital gain. you can reduce the tax payable by the amount of tds.

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