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Rfctlaar 2013

02 December 2024

In case gazette published in 2011 and acquisition and compensation received in 2016. Rfctlaar 2013 is applicable from Jan 14 whether applicable on gezette published before Jan 2014 or not

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9 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182760 Points)
Replied 03 December 2024

No, not applicable.

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Sajjan Tawde (57 Points)
Replied 03 December 2024

Pls share any circular regarding this, and in case the property was used as commercial purpose ,,, and compensation received for land and building separately what would be the tax treatment

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182760 Points)
Replied 03 December 2024

The act itself came in to existance in 2014. It was not retrospective,

For land acquired in 2011, it was likely under the Land Acquisition Act, 1894.

Section 10(37) of the Income Tax Act provides an exemption from capital gains tax on compensation received for agricultural land acquired by the government; but for non agricultural land no such exemption eligible.

Calculate capital gain/loss for both land building based on FMV as of 2001 & arrive at tax liability.