05 December 2020
Is compensation received from government against compulsory acquisition of land for road development is taxable? 1) If land is agricultural- 2) If land is non agricultural
06 December 2020
Compensation for acquisition of any land by Government is exempt. Please refer section 96 of THE RIGHT TO FAIR COMPENSATION AND TRANSPARENCY IN LAND ACQUISITION, REHABILITATION AND RESETTLEMENT ACT 2013 as amended in 2015. Also refer CBDT Circular No. 36/2016.
ITR form shall depend upon status of the assessee and income during the year.
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