Compensation for compulsary land acquisation by corporation
Dattatreya
(Querist) 11 July 2016
This query is : Resolved
LARR 2013 ACT speaks about the compensation to be given to the persons who's land is under Compulsory acquisition. It states that Compensation shall be the 2 times of the market value if land situated in Urban area and 4 times if the land is situated in rural area.
My Question : BBMP (Bangalore Corporation) is planning for road widening and talking about TDR(Transfer of Development right) as a compensation. Whether as per LARR 2013 the said TDR is valid and whether land loser have an option of asking the compensation in monetory terms.
2 nd Question : Section 96 of LARR Speaks about exemption of Income tax for the Compensation, But the respective amendment was not made in the Indian Income Tax Act, whether Income tax has to be paid on the compensation amount?
If compensation is exempt then the interest paid on the compensation from the date preliminary notification is also exempt ?
R.K Nanda
(Expert) 11 July 2016
Academic query.
