Compulsory acquisition of land by nhai

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August undefined, 2024

Web5 hours ago · The land in which the school was established was also notified for acquisition which led to demolition of the entire school building. NHAI awarded a compensation of about Rs. 67 lakh. WebSection 54D provides tax exemption on capital gain from compulsory acquisition of land or building belonging to an industrial undertaking, provided that. The assessee (industrial undertaking) should have used the land or building for the purpose of its business for minimum 2 years immediately preceding the date of transfer, and.

Key Changes in Compulsory Acquisition - Muma Kanjama Advocates

WebOct 29, 2024 · Compulsory acquisition is the government’s power to acquire private rights in land – even without the owner’s consent – for the development of society. The government pays due compensation against such an acquisition and the capital gains are calculated as per the provisions of the Income Tax Act, 1961. WebMay 19, 2024 · Part of land is acquired by the NHAI and paid us the compensation. This compensation is less than the actual cost of the part of land that is acquired. Request you to kindly let me know the accounting treatment and Income tax treatment for the same. Thanks in Advance. CA R SEETHARAMAN (Expert) Follow. 19 May 2024 Such payment is … sunrise now relax sim only

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WebSec. 50C won't apply on compulsory acquisition of land by NHAI as stamp duty isn’t payable on such transfer: HC - PCIT v. Durgapur Projects Ltd - [2024] (Calcutta) New ; AO to release refund beyond 20% of tax demand even if 65% of tax demand adjusted by CPC: HC - Neo Structo Construction (P.) Ltd. v. ACIT - [2024] (Gujarat) New WebMy agricultural land was compulsorily acquired under the NHAI act in 2010. Some enhanced compensation was received by me in 2024 and the case is still pending in high court. I am confused if I will need to pay capital gains tax on the compensation received. As I said the acquisition was done in 2010. WebMinistry of Road Transport & Highways, Government of India sunrise north fargo nd

Supreme Court gives the go-ahead for the NHAI to acquire land …

Is compensation received for land acquired by govt. taxable?

WebJul 19, 2024 · My agricultural land was compulsorily acquired under the NHAI act in 2010. Some enhanced compensation was received by me in 2024 and the case is still pending in high court. I am confused if I will need to pay capital gains tax on the compensation received. As I said the acquisition was done in 2010. Are you able to please help out. … WebMar 7, 2024 · The National Highways Authority of India (NHAI) received land that was the subject of a compulsory purchase from of the assesses, a company. The Assessing Officer (AO), who oversaw the assessment processes, calculated the capital gains on such land by taking the requirements of Section 50C, or the stamp duty value of such land, into account. sunrise newsWebMar 4, 2024 · Assessee, a company, transferred land under compulsory acquisition to the National Highways Authority of India (NHAI). During the assessment proceedings, the Assessing Officer (AO) computed the capital gains on such land by considering the provisions under section 50C i.e., considering the stamp duty value of such land. sunrise nursing home beckley wv

"WebFeb 23, 2024 · Lower of Cost of New Agricultural Land OR Capital Gains: Purchased within 2 years from the sale of land: Land sold must be used for agriculture purposes for 2 years prior to sale: 54D: Compulsory acquisition of land and building (LTCA) used in an industrial undertaking: Purchase of land or building for shifting or re-establishing the … " - Compulsory acquisition of land by nhai

Compulsory acquisition of land by nhai

Compensation paid under the National Highway Act, 1956 cannot …

WebUnder Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 you will be entitled for Compensation proportion to market rates. 4 times the market rate in rural area. 2 times in urban area. WebFeb 2, 2024 · Recently, in Balakrishnan v.Union of India, the two-judge bench of the Supreme Court categorically held that negotiation on amount compensation between the parties for compulsory land acquisition do not make a sale ‘voluntary’, and therefore, the same cannot be made chargeable to tax under the head ‘Capital gain’. The bench …

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WebMay 29, 2024 · As no distinction has been made between the compensation received for compulsory acquisition of agricultural land and non-agricultural land in the matter of providing exemption from income-tax under the RFCTLARR Act, the exemption provided under Section 96 of the RFCTLARR Act is wider in scope than the tax-exemption … WebOct 27, 2016 · 6. If any land has been purchased through private negotiations by a person on or after the 5 th day of September, 2011, which is more than such limits referred to in sub-section (1) and, if the same land is acquired within three years from the date of commencement of this Act, then, forty per cent. of the compensation paid for such land …

WebOct 26, 2016 · Section 96 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 provides for exemption form income tax for all compensation against compulsory acquisition of land whether rural or urban and whether agricultural or non-agricultural to all assessees irrespective of status … WebFeb 6, 2024 · Capital Gains on the compulsory acquisition of old land or building of industrial undertaking Example: Ravi sold a house property in FY 2024-22 for Rs. 60,00,000. He purchased the property in FY 2016-17 for Rs. 30,00,000. And he purchased a new …

WebSep 20, 2024 · The Supreme Court (SC) has ruled that landowners must be given solatium and interest apart from compensation awarded to them, when their land is acquired for construction of highways. of India. The section says that no provision of the Land Acquisition Act, 1894, shall apply to an acquisition under the National Highways Act. WebTax on capital gain from compulsory acquisition of land depends on the type of land that is being acquired and type of its ownership. In this article, we explain to you various tax exemptions that you can avail in the case …

WebDec 8, 2024 · The NHAI had filed a plea in the Supreme Court asking it to vacate the Madras High Court’s order. In June 2024, a vacation bench of the apex court comprising Justices Indu Malhotra and M.R. Shah had refused to stay the Madras High Court order quashing the land acquisition process and had issued notices to the various stakeholders.

WebJul 19, 2024 · My agricultural land was compulsorily acquired under the NHAI act in 2010. Some enhanced compensation was received by me in 2024 and the case is still pending in high court. I am confused if I will need to pay capital gains tax on the compensation received. As I said the acquisition was done in 2010. Are you able to please help out. … sunrise nursery beecher ilWebOct 8, 2024 · However, the advent of the Land Value (Amendment) Act, 2024 brought with it several changes to the process of compulsory acquisition. It was assented to on 5 th August 2024 and came into force on 19 th August 2024 and its key highlights are as follows: The Land Value Index. The new law provides for the establishment of the Land Value … sunrise newcastle upon tyneWebDec 2, 2024 · Finance (No.2) Act, 2004 inserted Section 10 (37) in the Act to provide specific exemption to the capital gains arising to an individual or a HUF from compulsory acquisition of an agricultural land situated in specified urban limit, subject to fulfilment of certain conditions. sunrise nursing home braintree ma