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Agricultural land acquired by government

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(Querist)
18 July 2013
What's the treatment for agricultural land acquired by government and paid money to the farmers???
How should farmers treat that income in his return??
Books me treatment kya karneka?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
18 July 2013 Q.Do farmers maintain Books ?
.
The income is tax free if the land acquired is agriculture land. Pl. refer Section 10(37).
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