Tag Archives: compulsory acquisition

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 »

Compulsory Acquisition Taxability

Compulsory Acquisition Taxability What is Compulsory acquisition Compulsory acquisition is the power of government to acquire private rights in land without the willing consent of its owner or occupant in order to benefit society. Compensation against such acquisition is provided to the assessee by the government. The booklet How to compute capital gains published by… Read More »

Compulsory acquisition under Section194LA does not include land acquired under agreement

Whether acquisition of land under an agreement by Karnataka Industrial Area Development Board (a state Government Undertaking) with landowners under the Karnataka Industrial Areas Development Act, 1966 (‘KIA Act’) would be deemed as compulsory acquisition within the meaning of Section 194LA?” Held Section 194LA applies only when there is a compulsory acquisition under law. Under… Read More »