Dear all,
Here is a query regarding taxabilty under which head.A person paid consideration(say 20 lakhs) for acquisition of a land,but such land is under dispute.Here that person just paid consideration but didn't get registered,and he took this matter to government's notice.After a period of 10 years government gave some amount(say 35 lakhs) as compensation,after calculating interest and all others.In this case how such amount (35 lakhs) is to be considered as income under income tax act for AY 2013-14.Is there any chance of falling under long term capital gains?
CAclubindia
