Royalty
Is royalty received for agriculture land acquired by govt taxable or not ?
Replies (8)
Can you please state the specifics of receipt
Actually agriculture land was aquired by the govt. & beside the compensation an amount around rs. 2 lakhs r receiving annually as a royalty . So I want to know whether it is taxable or not
If agricultural land is situated in rural are then nothing is taxable but if it is situated in urban area then everyhing is taxable.
But sir agri. Land is compulsory aquired by the state govt. & as u know compensation for urban agri. Land is exempt from tax.
Thanks sir for reply
Yes exemption is there if used for agri purpose for two years before.
But only capital gains is exempt and not the royalty receipt that you mentioned.the periodic amount the assesse is getting is in my opinion not exempt if it is receieved over and above sale price. Kindly look through the nature of royalty
Thank u very much ji
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