A writ petition in Punjab & Haryana court was filed to challenge the notice by the collector to deduct tax at source from the interest on on compensation for compulsory land acquisition. It was contended that as per section 194LA payment of compensation or enhanced compensation or the consideration or the enhanced consideration on account [...]
Section 194LA: Is TDS on Interest on Delayed Land Acquisition Payment Applicable?
September 10, 2012 by Leave a Comment
Agriculture Land : Importance of Notified Area !
April 15, 2012 by
Capital gains on sale of agricultural land bring the issue whether the said agriculture land is capital asset.If the said agriculture land is not capital asset within the definition section 2(14) of the Income Tax Act , the gain on agriculture land sale shall be exempt from income tax. This article is written with an...
Agriculture Land Sale Question Answered !
March 8, 2012 by
Agriculture land shown in balance sheet of a proprietorship or any business entity as business asset does not change its nature.Income tax law provides that when the question of taxing sale of agriculture land arises, first thing to check is whether the agriculture land is capital asset as defined under section 2(14) of the Income...
Tax Relief u/s54B is Available Even For Non Agriculture Land !
August 5, 2011 by
Section 54B of the Income Tax Act provides tax relief in form of exemption from tax on the capital gains arising on sale of land . The two important conditions for grant of such exemption are (i) the land which is sold was being used by the assessee or his parent for agricultural purposes in...
How to save tax on sale of agriculture land sale?
September 4, 2010 by Leave a Comment
It is already posted that Direct Tax Code 2010 has made even agriculture land sale as taxable . However, saving grace is that section 55 of the DTC 2010 provides that in following conditions, gains on agriculture land is tax free by claim of deduction provided u/s . The conditions are The agriculture land which [...]
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