Suggest wheather compensation received by tea company from govt is taxable in india as per income tax act 1961 ??
1 Replies
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 14 August 2014
rural agricultural land is not considered as a capital asset. thus any amt recvd on sale or on compulsory acquisition of such land will be exempt from tax.
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