01 June 2013
Any consideration duly recd in the form compensation, has to be duly taxed under the head CG, in case of incremented consideration has to be taxable under the head income from other sources. pl. do specify, what form of consideration is it?
01 June 2013
You can avail exemption from section 54D,as below,
That part of Capital Gain arising from Compulsory acquisition of Land , Building or any right is such Asset used by Assessee for 2 years for his own business, shall be Tax-FREE which is reinvested in purchase of another Land or Building or Right in Land or Building within 3 years of the acquisition. The new Asset so acquired cannot be sold or transferred for a period of 3 years, otherwise old exempted Gain will be put to TAX.
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