Dear Sirs,
I had a land in Kerala and a portion is acquired by the local developement authority to build a road. I was given another piece of land of the same price (infact less) as compensation by the local govt body the one who aquired.
Please advise
1. if i am laiable to pay the tax on the "deemed capital gain" while there was no cash transaction taken place.
2. And this land transfer was registered with NO stamp duty as it is excepted for such acquistion.
3. How a person of low income, can afford to pay such taxes, while such acquisiton does not bring in any monetery direct benefit.
4. And while such acquisition usualy takes place on public and govt demand and not on the owner's willful agreement.
Thank you,
Thomas.
