Tag Archives: agricultural land

No Taxability of compensation received by land owners under RFCTLARR Act : CBDT Circular Clarify

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ITA.II division, North Block, New Delhi, Circular No. 36/2016 Dated: 25th of October, 2016 Subject: Taxability of the compensation received by the land owners for the land acquired under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and… Read More »

Sale of barren land within short duration could not be deemed sale of agricultural land, held as business activity

Facts of the Case :- Assessee purchased a piece of land used for rubber plantation .Subsequently, assessee sold said property through a broker. Assessee claimed that property sold was an agricultural land and, hence, profit arising on its sale was exempt from tax . Assessing Officer found that nature of property at time of registration… Read More »