Harsh Chhabra (Article) (29 Points)
22 March 2010Hi 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
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 22 March 2010
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
CAclubindia
