Gujarat based farmer received compensation from electricity company of rs 300000/- one time payment.... is it taxable or tax free. any if it is tax free then please provide the section....
please provide me answer.
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income of farmer
Replies (2)
compensation depend on whether it's income receipt or capital receipt and whether it is in respect of a loss or injury.
compensation recd from electricity company is depends on nature of compensation.
if it is related to agriculture then tax free if not then taxable
if it is related to agriculture then tax free if not then taxable
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