Compensation received for compulsory acquisition of urban land non agriculture from NHAI where taxable plz reply.
2 Replies
kumar sudhakar
(ARTICLE ASSISTANT)
(31 Points)
Replied 04 February 2018
Normally Taxable as capital gain
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183881 Points)
Replied 04 February 2018
Wide Circular number 36/2016 dated 25th October, 2016; It is hereby clarified that compensation received in respect of award or agreement which has been exempted from levy of income-tax vide Section 96 of the RFCTLARR Act shall also not be taxable under the provisions of Income-tax Act, 1961 even if there is no specific provision of exemption for such compensation in the Income-tax Act, 1961.
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