Capital gain on compulsory acquisition of rural agri. land
This query is : Resolved
29 June 2016
Sir, My Agriculture land is situated within almost 5 km by road from nearest municipal corporation. My land is "compulsory acquired" by central government through state government in year 2004-05. We received compensation on 21.06.2016. Will the capital gain attract on our consideration.
Thanx in advance.
Thanx in advance.
30 June 2016
section 10 (37) in the case of an assessee, being an individual or a Hindu undivided family, any income chargeable under the head "Capital gains" arising from the transfer of agricultural land, where—
(i) such land is situate in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section 2;
(ii) such land, during the period of two years immediately preceding the date of transfer, was being used for agricultural purposes by such Hindu undivided family or individual or a parent of his;
(iii) such transfer is by way of compulsory acquisition under any law, or a transfer the consideration for which is determined or approved by the Central Government or the Reserve Bank of India;
(iv) such income has arisen from the compensation or consideration for such transfer received by such assessee on or after the 1st day of April, 2004.
(i) such land is situate in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section 2;
(ii) such land, during the period of two years immediately preceding the date of transfer, was being used for agricultural purposes by such Hindu undivided family or individual or a parent of his;
(iii) such transfer is by way of compulsory acquisition under any law, or a transfer the consideration for which is determined or approved by the Central Government or the Reserve Bank of India;
(iv) such income has arisen from the compensation or consideration for such transfer received by such assessee on or after the 1st day of April, 2004.
30 June 2016
Thanx alot Amol Sir, but as per my knowledge sec 10 (37) of Income tax Act covers urban lands only. Would it work in my case too ?? My question is still unanswered that will CG attract on my consideration??
30 June 2016
you land will come in urban area due its not beyond 7 km from the municipal corp.
30 June 2016
That means I can claim the exemption under 10(37) of Income Tax Act.
30 June 2016
yes, of course,,,,,,,subject to however you FULFILL/SATISFY the other conditions laid down in the said section.
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