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long term capital gain

AMIT (B.Com) (155 Points)

29 September 2018

sir govt aquired old NH4 road some of portion of my land n give cheque after tds deduct, my question is whether is property under taxable or exempted from the income tax...? please help us my file in under scrutiny

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3 Replies

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 29 September 2018

compensation received from government for acquisition of land is taxable under head Capital Gains

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Shivam gupta (student) (263 Points)
Replied 29 September 2018

Generally all the copulsory acquisitions are made under RFCTLARR ACT,2013.
Compensation received under such acquisitions are not taxable.(circular no 36/2016).

Ashwin Kumar (1234 Points)
Replied 29 September 2018

If it is agricultural land then it is not taxable and the considertation is exempted. If it is a non agricultural land then the said consideration is taxable...if i am correct, since you have said that they have deducted tds then it must be under section 194la and you must have recieved a consideration above rupees 280000. the consideration is taxable under the head capital gain. you can reduce the tax payable by the amount of tds.

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