Tag Archives: Section 10(37)

Section 10(37) Income Tax – Exemption on Transfer of Agricultural Land

By | March 17, 2017

Section 10(37) Income Tax Act Section 10(37) Income Tax inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005 Exemption of capital gains on compensation received on compulsory acquisition of agricultural land situated within specified urban limits Incomes not included in total income. 10. In computing the total income of a previous year of any person,… Read More »

Section 10(37) not available if agricultural activity not carried out

By | November 9, 2015

Facts of the Case :- The assessee-appellant is a Class-IV employee in the postal department. He purchased certain land in village Dummannahalli on 27.7.2006. The said land was notified for acquisition under the provisions of Karnataka Industrial Area Development Act, 1966 (for short ‘the KIAD Act’). Thereafter, on the basis of an agreement entered into… Read More »