One of my client received a compensation for land acquire by govt. for development in maharashtra. say 50 lakh, in normal course of business he fall in no Taxable income i.e income below 3 lakh. So what will be treatment for such received compensation. means its taxable income or exempt or what and its treatment in ITR and whether it need to show in P&L as indirect income or shown under capital account.
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 25 June 2019
If the land is acquired under RFCTLAAR act, 2013, it is exempt. So, check under which act its acquired.
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