Hi Friends, can anyone help me out????? There is an agricultural land which was not in the municipal limits at the time of purchase. Now it is within the municipal jurisdiction and has been Compulsarily acquired by the Government and compensation has been recieved. Whether it will be exempt u/s 10(37) or not? Rep plzzzzzzzzzz
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Exemption u/s 10(37)
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Hi Harsh,
It is totally exempt, coz there is no provision in the act that the land must be in the municipal limits at the time of purchase. Hence, the income is exempt
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