land pooling amount
vijay mohan (182 Points)
24 August 2018
the amount received from ap govt towards land pooling as annuity will come under capital gain or agricultural incone
3 Replies
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 24 August 2018
Compulsory acquisition of Land?
vijay mohan
(182 Points)
Replied 24 August 2018
ANDHRAPRADESH GOVT acquires land under land pooling scheme for the development of amaravathi capital. in budget 2017 exemption was also given by FM.
Vaishali Jain
(Currently working on improving my skills and capabilities)
(2539 Points)
Replied 24 August 2018
Dear Sir,
the same is to be comsidered under Capital Gain
and
Acc to the prov of sec 10(37A) of IT Act :-
Capital gain arising to an Individual/HUF from
1) Transfer of capital assets under LAND POOLING SCHEME
2) Transfer of Land pooling ownership certificates
3) Transfer of reconstitued plot/Land/Building within a period of 2 yrs from the end of the FY in which possesion of reconstituted assets handed over
will be exempt from tax
the same is to be comsidered under Capital Gain
and
Acc to the prov of sec 10(37A) of IT Act :-
Capital gain arising to an Individual/HUF from
1) Transfer of capital assets under LAND POOLING SCHEME
2) Transfer of Land pooling ownership certificates
3) Transfer of reconstitued plot/Land/Building within a period of 2 yrs from the end of the FY in which possesion of reconstituted assets handed over
will be exempt from tax
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