Capital gain
This query is : Resolved
07 April 2016
I AM WORKING IN A CO HAVING TEA GARDEN IN ASSAM. THE GOVERNMENT HAS ACQUIRED LAND FOR HIGHWAY PROJECT. THE INCOME FROM TEA HAS COME UNDER 60:40 RATIO. PLS TELL ME ANY CAPITAL GAIN ARISES FROM SALE PROCEED RECEIVED FROM GOVERNMENT.
09 April 2016
THE INCOME FROM TEA AS PER RULE 8 IS TAXABLE UNDER CENTRAL INCOME TAX AT A RATIO OF 40:60 NOT 60:40.
THE AMOUNT RECEIVED IS FROM ACQUIRE OF AGRICULTURAL LAND AND THEREFORE IT IS OUTSIDE OF CAPITAL GAIN TAX.
THE AMOUNT RECEIVED IS FROM ACQUIRE OF AGRICULTURAL LAND AND THEREFORE IT IS OUTSIDE OF CAPITAL GAIN TAX.
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