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Sale of agriculture land

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banke bihari jha

artilcle clerk

81 Points Joined December 2010

Dear all,

One of my client agriclutre land was compulsory acuqied by HUDA and awarded the compensation after that further litigation court has awarded the enhance compesation whcih is recieved after deducting the tds my question is :-

1. is enhance compensation recived from HUDA is non taxable under the sale of agriculute land because when land is acquired gurgaon municipal corporation is not formed.

2. in which ITR FORM they have to file.

3. if The ITR -2 form is to be filed in which column i have to show the enhanced compensation.

Thanks.

Replies (1)

Rajagopalakrishnan R

PARTNER

1434 Points Joined May 2010

It is the date of compulsory acquisition that is important and not date of acq of the land by the assesse.if the land was inside gurgoan MC at the time of acquisition by govt then there is no exemption. the compensation and enhanced compensation is fully taxable. Plan accordingly. ITR 2 is applicable if the assessee has no other income