Meaning of acquisition of urban agriculture land

[ASHWANI KANT]

Exemption under section 10(37), meaning of acquisition of urban agriculture land acquired by Central Govt. or any other law

[Surender Gupta]

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[Guest]

under sec 10(37), meaning of acquisition of urban agriculture land acquired by CG or any other law is there is transfer of the agricultural land by way of the compulsory acquisition or the consideration for transfer is approved or determine by CG(not by a state govt.) or RBI and any capital gain arises after Mar 31,2004 is exempt from tax

AI Summary

Exemption for urban agricultural land where central acquisition or central approval of consideration triggers capital gains relief. Exemption for urban agricultural land applies where land is acquired by the Central Government or under a law of the Centre, or where consideration is approved or determined by a central authority such as the Reserve Bank; compulsory acquisition or central sanction of compensation, rather than state-level action, is the operative trigger for capital gains exemption.