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.?
08 August 2012
No, it is not added
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2012
please guide why ?
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.
Since it is NOT agricultural income, it is NOT TO BE ADDED to gross total income for rate purposes.
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