dear sir,
In a village their is an agriculture land and it is under govt. ownership.
in 1990s govt given land to village people for cultivation but not transferred ownership...
people used the land for cultivation purpose...
Now govt. sold that land to a company, where govt. in the name of relief given livehood loss compensation to villagers.
one of my friend received amount.
per acre 10 LAKHS.
how I have to treat this transaction in income tax...
please help in this regard....
CAclubindia
