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.

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. https://www.taxtmi.com/circulars?id=54950 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. en-us Tue, 25 Oct 2016 00:00:00 +0530 Tue, 25 Oct 2016 18:57:00 +0530 TaxTMI RSS Generator 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. https://www.taxtmi.com/circulars?id=54950 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. Circulars Income Tax Tue, 25 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/circulars?id=54950