Compensation money received
This query is : Resolved
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..
12 February 2018
which category of land has been acquired - is it agricultural land or commercial or residential? Answer shall vary accordingly
12 February 2018
Sir Its a residential land... but Sir you can plz bifercate all three situations..
13 February 2018
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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
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
14 February 2018
Ok thanx sir but the capital gain should be calculated by the indexation method or (compensation amount rewarded - purchase deed)
21 October 2021
For long term capital gains indexation of cost price is calculated. Not if Short term.
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