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Tax on inherited n a land
inherited land in urban area which is being acquired by govt. for hubli dharwad BRTS route. land in family possession since 1937. pls advice do we need to pay any tax on compansation being offered by govt.
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If it is urban agricultural land used for agricultural purpose during 2 yrs before acquisition, then capital gain is exempt from tax u/s 10(37). If it is a rural agricultural land, then no capital gain is taxable. If not an agricultural land, then compensation is taxable in the year of receipt.
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