TaxTMI 
TaxTMI 
Exemption under section 10(37), meaning of acquisition of urban agriculture land acquired by Central Govt. or any other law
Meaning of acquisition of urban agriculture land
ASHWANI KANT
Understanding Tax Exemptions for Urban Agricultural Land Acquisitions Under Section 10(37) of the Income Tax Act A discussion on the tax implications of acquiring urban agricultural land under section 10(37) of the Income Tax Act, focusing on exemptions. The query seeks clarification on the meaning of acquisition by the Central Government or other laws. One response highlights the need for a clearer query, while another explains that the exemption applies to capital gains arising from the compulsory acquisition of agricultural land, provided the consideration is approved by the Central Government or RBI, with exemptions applicable to gains after March 31, 2004. (AI Summary)