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Royalty on land acquisition
whether royalty received on land acquisition is taxable considering the fact that the assessee has another source of income. In my opinion, it is given to those farmers/agriculturists who have no other source of livelihood other than the agricultural land
Replies (3)
Depends upon the act under which its aquired. Recently, RFCTLARR Act passed by Modiji Government, which came into effect from 1st January, 2014, provides that income-tax shall not be levied on any award or agreement made [except those made under section 46) under the RFCTLARR Act Therefore, compensation received for compulsory acquisition of land under the RFCTLARR Act is exempted from the levy of income-tax.
As per earlier act also, any aquisition of agricultural land in rural area was tax exempt.
Is it exempt under the Income Tax Act?
Any compensation received by a farmer on aquisition of his Rural agricultural land is tax exempt
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