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 Resettlement Act, 2013 ('RFCTLAAR Act')-reg.
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Tax exemption for land acquisition compensation extends to awards under RFCTLARR Act, ensuring non-taxability under income-tax law. The tax authority clarifies that compensation exempted from levy of income-tax under the RFCTLARR Act shall also not be taxable under the Income-tax Act, 1961, even where the Income-tax Act contains no separate or specific exemption for that compensation, thereby addressing uncertainty on taxability of awards or agreements for compulsory acquisition of both agricultural and non-agricultural land.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax exemption for land acquisition compensation extends to awards under RFCTLARR Act, ensuring non-taxability under income-tax law.
The tax authority clarifies that compensation exempted from levy of income-tax under the RFCTLARR Act shall also not be taxable under the Income-tax Act, 1961, even where the Income-tax Act contains no separate or specific exemption for that compensation, thereby addressing uncertainty on taxability of awards or agreements for compulsory acquisition of both agricultural and non-agricultural land.
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