Whether compensation received by the owner of agricultural land due to damage to agricultural land by the dust/pollution released by the surrounding companies is taxable under income tax act?
3 Replies
Ashwin P. Gohil
(auditor)
(231 Points)
Replied 04 October 2018
not taxable since agricultural land is not covered by definition of capital asset under section 2(14)
Hemanth
(Student LLB)
(45 Points)
Replied 09 October 2018
Its not about the capital gains, can it be made taxable under Income from other sources?
Ashwin Kumar
(1234 Points)
Replied 09 October 2018
andrey you can withdraw via paypal and other modes and you need not pay tax since the earnings are just 2k...however if your earnings are higher than 5k in the whole year then you have to pay tax.
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