Dear Experts
we have received consideration against COMPULSORY ACQUISITION OF AGRICULTURAL LAND is it taxable or exempt? under which section? can I claim YES refund on that amount?
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Capital Gain
Replies (3)
Exempt as the agricultureal land is not a capital asset. So no Capital gain arises
U/s10(37)
In the case of an assessee, being an individual or a Hindu individual family, any income chargeable under the head” Capital gain” arising from the transfer of agricultural land, shall be exempted, Provided
Such land, during the period of two years immediately preceding the date of transfer, was being used for agricultural purposes by such Hindu undivided family or individual, or a parent of his
tx all
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