02 April 2013
is residential building and land in rural area is liable for capital gains tax in compulsory acquisition by government. if yes kindly help in computing the same
02 April 2013
dear sandip 54D is for industrial undertaking..
sec. 10(37) deals with compulsory acquisition of land. but therein agriculture land which is used by the person for agriculture purpose before two years and situated with in the 8 km. from the municipal limit of the city is exempt from capital gain.. but not the land on which not agriculture is done and used for residential purpose.
in your case if the house property is subject to the capital gain
CAclubindia
