Answers On Topic: land acquisition
Assessee is partnership engaged in the business of constructions. Assessee is owner of land, which is acquired under Compensation under Right to fair, compensation and transparency in Land acquisition, rehabilitation and resettlement Act 2013. Assessee firm has Received compensation under this act amounting to Rs 100 Crores. Whether this amount is taxable under Income Tax in the hands of Firm. Pl guide.
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Dear Sir, A portion of my land which is non agricultural was acquired by the Govt.of Kerela for construction of a bridge in 2017. During this time they had verbally mentioned that this was tax free. They gave me the compensation for the land acquired, but now I am being told that I have pay capital gain tax for this. Can i just ignore this and avoid paying tax for this compulsory acquisition of non agricultural land? This is really unfair that the govt. takes land forcefully from people and then we are forced to pay tax on compensation given…
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Compensation under Right to fair, compensation and transparency in Land acquisition, rehabilitation and resettlement Act 2013