Ag compulsory acquisition

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2012 is receipt received from the compulsory acquit-ion of agriculture land is the capital recepit & is exempt from 10[37] ,is this receipt is added to determine the tax slabe.?

CA Sumiit B Nagpal

CA Sumiit B Nagpal (Expert)
Follow

08 August 2012 No, it is not added

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2012 please guide why ?

Upgrade to CAclubindia Pro. Subscribe Now!

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

08 August 2012 Yes it is exempt u/s 10(37). It is NOT agricultural income, that is why it is specifically exempt u/s 10(37).

Since it is NOT agricultural income, it is NOT TO BE ADDED to gross total income for rate purposes.