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long term capital gain
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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compensation received from government for acquisition of land is taxable under head Capital Gains
Generally all the copulsory acquisitions are made under RFCTLARR ACT,2013.
Compensation received under such acquisitions are not taxable.(circular no 36/2016).
Compensation received under such acquisitions are not taxable.(circular no 36/2016).
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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