Capital Gain On Compulsory Acquisition Of Urban Agricultural Land


As per section 10(37), in the case of an individual/Hindu undivided family, capital gain arising on transfer by way of compulsory acquisition of urban agricultural land is not chargeable to tax from the assessment year 2005-06 if such compensation is received after March 31, 2004 and the agricultural land was used by the assessee (or by any of his parents) for agricultural purposes during 2 years immediately prior to transfer.


Cnergyis Infotech India Pvt Ltd

205, Linkway Estate,
Near Chincholi Fire Station / Mindspace,
Above ICICI Bank, Link Road, Malad (West)
Mumbai 400 064, Maharastra India
Phone - 1800 233 6504