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What is the income from govt land purchase?- Property Hotline
Posted
July 28, 2016
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217
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July 28, 2016
217
1
0.46%
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3:10Now PlayingWhat is the income from govt land purchase?- Property Hotline
Expert: Harsh Roongta, Chartered Accountant and a SEBI registered Investment Advisor.
Question: If I get paid by the government for land acquired by them under the land acquisition law, do I need to declare this amount and pay tax on it?
Answer: Compulsory acquisition by the government is considered as a transfer and you will need to pay capital gains tax on the basis of the amount paid by the government. However if the asset is agricultural land which is at least 8 km away from an urban centre then it is not counted as a capital asset and no capital gains tax is payable on it.
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