WebMy agricultural land was compulsorily acquired under the NHAI act in 2010. Some enhanced compensation was received by me in 2024 and the case is still pending in high court. I am confused if I will need to pay capital gains tax on the compensation received. As I said the acquisition was done in 2010. WebNov 21, 2024 · The order directed the NHAI to pay the compensation at the rate of ₹ 2,700 per square meter, which was later reduced to ₹ 2,200 per square meter. The Bombay High Court has said that when the...
Do you need to pay tax on compensation received for land …
Web(i) if the amount of the capital gain is greater than the cost of the land, building or right so purchased or the building so constructed (such land, building or right being hereafter in this section referred to as the new asset), the difference between the amount of the capital gain and the cost of the new asset shall be charged under section … WebAug 20, 2024 · satish kumar (Querist) Follow 20 August 2024 Compulsory Acquisition by NHAI of Agriculture land inducing Well ,Pump, Borwel, Pipes, farmhouse/House Constructed in Agriculture Land TDS Deducted sec 194LA whether Taxable or not If its Exempted how to Declare In ITR (TDS 10%) CA R SEETHARAMAN (Expert) Follow fury warrior trinket list
Taxability – Compulsory Acquisition of Capital Asset
WebMay 29, 2024 · As no distinction has been made between the compensation received for compulsory acquisition of agricultural land and non-agricultural land in the matter of providing exemption from income-tax under the RFCTLARR Act, the exemption provided under Section 96 of the RFCTLARR Act is wider in scope than the tax-exemption … WebFeb 28, 2024 · The CIT (A) held that the assessing officer was not justified in invoking Section 50C of the Act on the land which was compulsorily acquired for NHAI and directed to re-compute the capital gains without applying Section 50C of the said Act. Further the addition made towards the shortage of coal was also deleted. WebSec. 50C won't apply on compulsory acquisition of land by NHAI as stamp duty isn’t payable on such transfer: HC - PCIT v. Durgapur Projects Ltd - [2024] (Calcutta) New ; AO to release refund beyond 20% of tax demand even if 65% of tax demand adjusted by CPC: HC - Neo Structo Construction (P.) Ltd. v. ACIT - [2024] (Gujarat) New given sinx 0.6 and cosx 0.8. what is tanx