In case of compulsory acquisition of non-agriculture land or building in the urban area, the capital gain tax will be required? land & building acquired under new acquisition act, 2013 for NH road.
please .....??
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Land acquisition Capital gain
Replies (2)
yes capital gain tax will be required.
sec.45(5):---if capital asset is compulsory aquired under any Law & consideration is approved by CG/RBI(not by state government),
then capital gain will be computed in the year in which initial amount of compensation is received.
sec.45(5):---if capital asset is compulsory aquired under any Law & consideration is approved by CG/RBI(not by state government),
then capital gain will be computed in the year in which initial amount of compensation is received.
Enhanced compensation:-- Capital gain be computed in the year if receipt,
but if it is received on an interim order &final order is passed in subsequent year then it will be computed in that year when final order is passed.
but if it is received on an interim order &final order is passed in subsequent year then it will be computed in that year when final order is passed.
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