In one of the cases, a Land was complusorly acquired in the year 2011 by National Highways Authority of India (NHAI) and compensation was given but client being aggrived with the compensation amount, appealed to NHAI for Enhanced Compensation. The said compensation was received in the year 2016.
Now the query is with regards to its taxability, being a Non-agricultural Land, it is straight away taxed under the IT Act.
But The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation & Resettlement Act, 2013 came into effect from 01.01.2014 states for non taxability of enhanced compensation received & it is also non taxable under IT Act also, even if it is a N.A. land.
But in the above case the land is aquired in 2011 & enhanced compensation is received in 2016. So can i avail the benefit of the RFCTLARR Act 2013 & exempt the enhanced compensation received.
CAclubindia
