12 February 2018
Dear Sir/Mam my client received 84 lacs rupees compensation money from goverment Now plz tell me there is any Taxability of compensation received from goverment on account of compulsory aqusition of land..
13 February 2018
if it is a agricultural land as per the definition of Section 2(14)(iii) then it is not treated as capital asset and therefore no capital gain shall be charged.
For all other cases the capital gain shall be computed with reference to the compensation awarded and shall be chargeable as income under the head capital gain of the previous year in which such compensation was received
CAclubindia
