بازار خرید و فروش انواع پارچه | پارچه سرا قیمت، خرید، فروش انواع پارچه
The issue of the taxation of compensatory payments/the increase in remuneration for the acquisition of agricultural land and interest on it can be understood by the separation of the two parts of the entry, namely the compensatory part and the interest portion, since the tax liability of these two components has been treated separately in separate provisions of the Income Tax Act. (ii) the land has been used for agricultural purposes by such an undivided Hindu family or individual or by one of his parents during the two-year period immediately preceding the date of the transfer; `(3) Since the exemption from income tax provided for by the RFCTLARR Law did not distinguish between compensation for the acquisition of agricultural and non-agricultural land, the exemption provided for in Paragraph 96 of the RFCTLARR Law is broader than the exemption provided for by the applicable provisions of the Income Tax Act 1961. This has led to uncertainty as to the tax liability of compensatory payments granted in the event of the forced acquisition of immovable property, in particular in the context of the acquisition of non-agricultural land. The Matter has been considered by the House and it is hereby clarified that compensation received under the award or agreement that has been exempted from the collection of income tax under section 96 of the RFCTLARR Act is not taxable under the provisions of the Income Tax Act 1961, even if there are no specific provisions in the Income Tax Act on the exemption from this compensation. 1961.” Another Supreme Court decision on the same subject, which is a rather interesting read, is UOI Vs. Hari Singh & Ors., CA No. 1514/2017, Dt.15.09.2017, which also clarifies the proposal presented in Ghanshyam HUF. In reading the above, the Honourable Supreme Court notes that interest granted under section 28 of the Land Acquisition Act, 1894 depends on a claim by the person whose land is acquired. Interest according to § ۲۸ is part of the amount of compensation and is part of the increased value of the property. Therefore, interest granted under section 28 represents only a portion of the extended earnings and is therefore neither taxable nor taxable, as any amount of actual or additional earnings would apply under the Income Tax Act. The wording of the Honourable Supreme Court is completely unambiguous.
It has been made very clear that interest earned under section 28 of the Land Acquisition Act is part of the compensation itself. The existing provisions of Article 45 provide that capital gains resulting from the transfer of agricultural land within certain city limits are to be taxed. This article also provides that, in cases where the transfer of such land is effected by compulsory acquisition in accordance with a law, or where the consideration for the transfer of such land is determined or authorized by the central government or the Reserve Bank of India, the capital gains so generated shall be taxed as income of the preceding year in which the compensation or the indemnity or the increased consideration is received from the appraiser. The confusion that existed under the current provisions of the ITA is that farm property is not a capital asset only if it is not located in a particular urban area. As a result, capital gains tax was levied on the sale of agricultural land located on the declared and non-agricultural land, even though it was not a sale and forced acquisition under the RFCTLAAR Act. whether the land is classified as agricultural or non-agricultural under the Income Tax Act. and RFCTLARR Act. For the purposes of this Article, such land shall henceforth be referred to as “urban agricultural land”. (iii) where another person receives the increased indemnity or consideration as a result of the death of the person who paid the contribution or for any other reason, the amount referred to in point (b) shall be deemed to be the taxable income of that other person under the heading `capital gains`. The appraiser argued that in cit v. Ghanshyam Das (HUF), the Supreme Court held that interest awarded under section 28 of the Land Acquisition Act constituted capital receipts and that the interest constituted an increase in the value of the compensation and was therefore part of the compensation. Therefore, the liability to tax on this interest is capital-intensive in nature and should be included in the consideration received for the purpose of calculating the capital gain under section 45 of the Income Tax Act, 1961. Circular No.
۳۶/۲۰۱۶ of the Ministry of Finance removed a cloud of doubt that clarifies whether the compensation received for the forced acquisition of land is exempt under the Income Tax Law, as well as the right to fair compensation and transparency in the acquisition, rehabilitation and resettlement of land, 2013 (RFCTLAAR Act). The matter has been considered by the House and it is clarified that compensation received under the award or agreement that was exempted from the collection of income tax under section 96 of the RFCTLARR Act is not taxable under the provisions of the Income Tax Act 1961, even though the Income Tax Act does not provide for a special exemption for this compensation. 1961. 5. Any purchase of land by a person other than certain persons, without complying with the provisions of the Rehabilitation and Resettlement Programme, is invalid from the outset: 1. If a person other than a specific person acquires land through private negotiations for an area that exceeds these limits, as determined by the competent government, taking into account the factors and circumstances specific to the State, for which payment of rehabilitation and resettlement costs is required under this Law, she must submit an application to the District Collector informing her of this- The question is whether interest has been collected and/or see 28 of the Land Acquisition Act 1894 on the Compulsory Acquisition of Agricultural Land in the Form of Compensation Payments u/s. 10 (37) exempt or taxable under the heading “Income from Other Sources”? 2. Our house was purchased by the government in December 2013 under the National Highway Act, 1956. Is the remuneration we received taxable? The RFCTLARR law was promulgated in September 2013 and entered into force on 1 January 2014. Compensation received for the compulsory acquisition of non-agricultural land before the entry into force of the law is taxable. It is too clear from the foregoing that immovable property not covered by these clauses is exempt from tax in all cases. Another issue of concern to everyone is that of the Hon`ble Aprex Court in CIT v.
Ghanshyam (HUF), [2009] 315 ITR 1 (SC), which is used in all cases of offsetting/additional offsetting and interest thereon. In the present case, the Oberster Gerichtshof (Supreme Court) has given great relief to the assessments by stating that the interest received under Paragraph 28 of the Law on the acquisition of land is in fact not in the nature of interest and is only part of the compensation and is therefore not taxable. The question in this case is whether exemption from compensation for acquired land will be admissible. (a) the capital gain calculated by reference to the compensation awarded at first instance or, where applicable, to the consideration determined or approved by the central government or the Reserve Bank of India at first instance as income under the capital gains item of the preceding year in which that compensation or part thereof is paid, or that consideration or part of it was received for the first time; and the Income Tax Appeal Tribunal (ITAT), Delhi Bench, ruled that no tax was payable on compensation for the purchase of farmland by the state government. Let`s take a look at the exemptions available for capital gains from the sale of farmland. In addition, under paragraph 56(2)(viii) of the Income Tax Act, income from interest earned on earnings or increased earnings under paragraph 145(a) is taxable on the basis of principal income from other sources in the preceding year in which the interest is collected. In order to encourage agricultural operations, farmland as such has been excluded from the definition of capital assets, so any capital gains resulting from the transfer of farmland are not taxable under the Income Tax Act. .
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