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compensation for land acquired
by prakash on Apr 20, 2007 04:52 PM   Permalink | Hide replies

Is compensation received for land acquired by the government or a municipal council under the Land Acquisition Act liable for income tax?

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  RE:compensation for land acquired
by Amitabh on Apr 22, 2007 11:02 AM   Permalink
yes,if the land is within the municipal area or within 8 kms therefrom,you will be liable for the capital gains tax,that will be compensation received less cost of acquisition.

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The above message is part of the Discussion Board:
All these incomes are tax-free