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Compulsory acquisition of land by nhai

Webcompulsory acquisition if the request does not meet the requirements of Article 40(3) of the Constitution name - ly acquisition for a public purpose or in public interest. Once the NLC is satisied that the conditions for compulsory acquisition are met it publishes a notice in the Kenya Gazzette, the land Registry and to WebFeb 3, 2024 · Any person, who is responsible for paying to a resident, any sum, being in the nature of compensation or the enhanced compensation or the consideration or the enhanced consideration on account of compulsory acquisition, under any law for the time being in force, of any immovable property (other than agricultural land) shall deduct TDS …

Capital Gain Exemption under the Income Tax Act - Learn by …

WebDec 8, 2024 · On December 8, the Supreme Court allowed the National Highways Authority of India (NHAI) to go ahead with the land acquisition process for the project to built a massive Rs.10,000 crore, 277-kilometre-long 8-lane “Greenfield” expressway from Chennai to Salem in Tamil Nadu. Web4 54D. 5 [(1)] 6 [Subject to the provisions of sub-section (2), where the capital gain arises] from the transfer by way of compulsory acquisition under any law of a capital asset, being land or building or any right in land or building, forming part of an industrial undertaking belonging to the assessee which, in the two years immediately preceding the date on … folkes plumbing and heating https://iaclean.com

Section 50C is not Applicable in case of compulsory acquisition of Land ...

WebAug 20, 2024 · satish kumar (Querist) Follow 20 August 2024 Compulsory Acquisition by NHAI of Agriculture land inducing Well ,Pump, Borwel, Pipes, farmhouse/House Constructed in Agriculture Land TDS Deducted sec 194LA whether Taxable or not If its Exempted how to Declare In ITR (TDS 10%) CA R SEETHARAMAN (Expert) Follow WebFrom the full value of consideration, cost of acquisition and cost of improvement should be deducted to arrive at the value of capital gain. Example: Indian Railway acquires an agricultural Land of Mr. Yogeswar Lal for Rs.100 Lakh in the financial year 2024-18 (AY 2024-19) and compensation of Rs.80 lakh is received in the financial year 2024-19 ... 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. folkestone and hythe bin collection

Sec. 50C won

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

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Compulsory acquisition of land by nhai

Section 54D of Income Tax Act - Learn by Quicko

WebMar 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. 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 …

Compulsory acquisition of land by nhai

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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 … WebApr 19, 2024 · A. Compulsory acquisition of land by a government agency is construed as a transfer under Income Tax Act, and requisite Capital Gains Tax is attracted, which is to be computed as per the ...

WebFeb 8, 2024 · Compulsory acquisition of non - agri land by nhai. bharathi (Student CA IPC / IPCC) (50 Points) 08 February 2024. is Compulsory acquisition of non - agri land by NHAI for the purpose of national highway taxable as capital gains ?? http://www.casahuja.com/2024/03/cbdt-has-clarified-taxability-of.html

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.

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 …

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 … ehomeaffairs otpWebTax 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 … ehomeaffairs payment nedbankWebMar 4, 2024 · Facts of the Case. 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 … ehome affairs systemWebApr 11, 2024 · However, met with land acquisition hurdles, the expressway is unlikely to finish before the general elections in 2024. The bidding process for the two expressway stretches in Gujarat is facing inordinate delay and the National Highways Authority of India (NHAI) has not specified the date to start construction. ehomeaffairs platformWebOct 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. folkestone academy emailWebOct 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 … folkestone and hythe bin collection datesWeb1 in 4 infra projects in India runs over budget while half of them are delayed. As per MoSPI, out of 1,438 projects in India, as many as 343 reported cost… 13 ความคิดเห็นบน LinkedIn ehomeaffairsv2