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Agricultural land acquired by govt and compensation received
An agricultural land in rural area was acquired by Govt for construction of high way and a sum of 15 lakhs was received a few months back. Is this amount taxable in the hands of an individual or exempt? Kindly explain! Thanks in Advance.
Replies (2)
If the property is agricultural land situated in rural area, then no tax liability on account of capital gain.
If agricultural land is situated in rural area. It is not covered in the definition of capital asset hence no question of capital gain arise.
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