NHAI AGRI LAND COMPULSORY ACQUISITION IN 2015. Applicability of Circular 36/2016 of Income tax regarding rax exemption.


I also received compensation by NHAI land acquisition on May 2015. The award was served in 2014. My agricultural land is within 2kms radius of a Town Panchayat. My AO is denying tax exemption because the town panchayat has population more than 10000 and the land is located within 2kms of Town Panchayat. 


Will this compensation be exempt from Income Tax / Capital Gain Tax because of the effect of RFCTLARR Act 2013 that became effective from 01-Jan-2014?
 
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Retired employee.

Personally contact any tax practitioner (CA) or Income Tax officer and get the facts correctly.  You can also file RTI Application to any ITO and can seek such information.

Application dt.12th Nov, 2018 seeking information under RTI Act

 

Before: CPIO, Income Tax Officer, Ward No....

Fee: Postal order No...for Rs.10/- Fvg. Accounts officer, ITO payabel at.....

Applicant:.......................................

 

Brief facts.:Received compensation by NHAI land acquisition on May 2015. The award was served in 2014. Agricultural land is within 2kms radius of a Town Panchayat.  AO is denying tax exemption because the town panchayat has population more than 10000 and the land is located within 2kms of Town Panchayat.  

Information solicited:  Please inform as to whether this compensation be exempt from Income Tax / Capital Gain Tax because of the effect of RFCTLARR Act 2013 that became effective from 01-Jan-2014.

 

Applicant.

 

 
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