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Rfctlaar 2013
In case gazette published in 2011 and acquisition and compensation received in 2016. Rfctlaar 2013 is applicable from Jan 14 whether applicable on gezette published before Jan 2014 or not
Replies (9)
Quick Summary
No, not applicable.
Pls share any circular regarding this, and in case the property was used as commercial purpose ,,, and compensation received for land and building separately what would be the tax treatment
The act itself came in to existance in 2014. It was not retrospective,
For land acquired in 2011, it was likely under the Land Acquisition Act, 1894.
Section 10(37) of the Income Tax Act provides an exemption from capital gains tax on compensation received for agricultural land acquired by the government; but for non agricultural land no such exemption eligible.
Calculate capital gain/loss for both land building based on FMV as of 2001 & arrive at tax liability.
First gazette published in 2011 and award issued in 2016, land and commercial building
The transaction date/ Tax liability date referes to the date of acqusition, not the date of reward.
Transaction date mean transacted in bank ac
Your aquisition order date.
Reward issued on 8 aug 2016
Yes, interest received is taxable u/h IFOS.
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