Home Forum Income Tax Month 9 2023 2023 (9) This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
10(37) of the Income Tax Act - Income TaxExtract Sir, My client urban agricultural land compulsorily acquired by the Government of Karnataka on 24/1/1996 and approved cash compensation and concessional price site allotment of one site for every one acre of land acquired. Cash award compensation received on 2/4/1998 28/8/2008. Site allotted on 5/6/2014. Assessee deposited to Bangalore development authority sum of Rs. 30 lakhs on 5/6/2014 to get the two sites at concessional value. Government registered two sites on 25/04/2017 in assessee name. Assessee sold the two sites at guidance value of rs. 1.53 crore on June 2017. My query is 01. Compulsory acquisition of urban agricultural land in exempted under Income tax Act ? 02. What will be the cost of acquisition for sites sold on June 2017?. 03. Can I adapt guidance value of Rs. 1.53 cr as cost of acquisition (treating it has enhanced compensation) as this is the value in April 2017?. Kindly advice.
|