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of <h1>Compensation for Land Acquired Under RFCTLARR Act Exempt from Income Tax, Confirms Circular; Broader Than Income-tax Act.</h1> The circular clarifies the taxability of compensation received by landowners for land acquired under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation, and Resettlement Act, 2013 (RFCTLARR Act). According to the Income-tax Act, 1961, agricultural land outside specified urban areas is not a capital asset, making related capital gains non-taxable. Section 96 of the RFCTLARR Act exempts compensation from income tax, regardless of whether the land is agricultural or non-agricultural, except for those under section 46. This exemption is broader than that in the Income-tax Act, 1961, and the circular confirms that such compensation is not taxable under the Income-tax Act.
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