Medinee Kamal Borah (Advocate & Tax Consultant) 09 August 2011
Respected Member
Is there any TAX liability on "COMPENSATION RECEIVED FROM NATIONAL HIGHWAY AUTHORITY OF INDIA for land acquired on account of widening national highway to four lane highway".
Please put foward your valuable views.
Thanking you all in anticipation.
Medinee K. B.
A V Vishal (Advocate) 09 August 2011
Yes, the amount received on compulsory acquisition of land for use by government is taxable, however, in order to escape tax it has to be invested in any of the modes prescribed under the Income Tax Act.
Sanjeev (Lawyer) 09 August 2011
Yes the Compensation would be subject to long term capital gains tax -
sudharsanam.r (Advocate) 15 August 2011
yes, the amount received is taxable, still if the amount is lesser, you may claim further enhanced compensation.
shamparit (owner) 21 March 2013
Respected sir,
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