11 August 2015
sir,
i received compensation for agriculture land acquisition during 2011-12 & 12-13. out of this amount i purchased some lands. payment are made by cheque. now notice served by income tax to me for filling of itr. please guide me.
11 August 2015
No Tax payable on compensation received for acquisition of rural agricultural land. Check for any interest payments included in compensation above basic exemption limit. If no interest paid above exemption limit reply the notice as no taxable income and no need to file return.
CAclubindia
