shailesh (Service) (227 Points)
31 January 2010i got compansation from govt by complulsary agriculture land aquisition by govt in year 2007-08. can it attract capital gain tax on this compansation. my land is in rural area ,8km away from municipality, village population is less than 10000.
now where should i invest this compansation?
triumph-CMA
(Chartered Accountant)
(503 Points)
Replied 31 January 2010
Agricultural land situated in rural area is not a capital asset.
It is not taxable.
Amir
(Learner)
(4016 Points)
Replied 31 January 2010
C.Balaji
(Learner)
(1867 Points)
Replied 01 February 2010
Compulsory Acquisition of Uban Agricultural Land is exempt from tax - u/s 10(37) as clearly said by Mr.Amir...
Rural Agricultutal Land is not a Capital Asset...
CAclubindia
