Suppose, the Govt has acquired the land of an individual ( say for road extension) and has compensated him for the acquired land in money.
I'm assuming Capital Gains tax will have to be paid by this individual, irrespective of the fact that the money was received from the Govt and alsoi due to the fact that Income Tax Act states 'Proceeds from the sale of Land' and does not single govt from this definition.
This is just a confirmation.
CAclubindia
