Answers On Topic: taxability of compensation
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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INTEREST ON COMPENSATION RECEIVED FOR LAND ACQUISITION FOR DELAYED PAYMENT/S BY NATIONAL HIGHWAY AUTHORITY OF INDIA LTD WHEHERR TAXABLE IF THE COMPENSATION ITSELF IS EXEMPT UNDER RECLLAR ACT ? PLEASE REFER CHENNAI ITAT JUDGEMENT IN THE CASE OF M/S SV GLOBAL MILL LTD.
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My client met with an accident in R.T. Nagar, Bangalore about 2 years back whose leg has been amputated in Columbia Hospital, Hebbal, Bangalore. The Court has awarded compensation of about Rs.12 lakhs which is still in the Court and the Court has not released the amount till date (17-5-2021). 2. I request you to please let me know:- a) Whether the compensation receivable from the Court has to be offered to tax for the Assessment Year 2021-22, b) Whether the compensation amount is taxable or exempt from tax. T.D.S. has been made by the BMTC Department. Kindly clarify. email…
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Compulsory acquisition of non agricultural land