Assessee had received leasehold right in a plot of land by way of an additional compensation allotted by State Government in pursuance of compulsory acquisition of agricultural land long ago in year 1965, belonging to assessee’s late father. Assessee had sold said leasehold rights for a consideration of certain amount and accordingly, computed long term capital gain on said transfer.\u00a0 During course of assessment proceedings, assessee had taken an alternative plea that since original compensation was exempt from tax because of nature of land acquired being agricultural land then additional compensation received in subsequent year would also be exempt from tax. AO rejected assessee’s plea and computed capital gain on transfer of leasehold rights in property. Tribunal held that\u00a0 it\u00a0 was a right of assessee in a land belonging to his father against which assessee was allotted leasehold right in a plot and said right could not be considered as agricultural land transferred during year\u00a0 therefore, consideration received on account of transfer of such leasehold right was assessable to tax under head ‘capital gain’. (AY.2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains-Lease hold rights\u2013Assessable as capital gain \u2013Cannot be claimed as exempt on the ground that it was in respect of agricultural land\u2013Market value on allotment of land. [S.48, 50C ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4755","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1eH","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=4755"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4755\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=4755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=4755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=4755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}