Section 10 37 Of Income Tax Act

Computed in the manner aforesaid.

Section 10 37 of income tax act. Relevant section 10 37 income tax act. 1 this exemption is only for compulsory acquisition of. Section 10 37 income tax act section 10 37 income tax inserted by the finance no.

Section 10 37 talks about only urban agricultural land. However all the following conditions are mandatorily required to be satisfied in order to claim an exemption under section 10 37 of the income tax act 1. As per section 10 37 of the income tax act 1961 incomes not included in total income.

An exemption under section 10 37 is available only to an individual. 3 further section 54b comes into picture if capital gain on sale of al situated in urban area and new asset acquired is new al only. 1 4 2005 exemption of capital gains on compensation received on compulsory acquisition of agricultural land situated within specified urban limits.

Agricultural land in india not being land situate. In computing the total income of a previous year of any person any income falling within any of the following clauses shall not be included. The objective of section 10 of the income tax act is to reduce the burden of the different structure of the tax such as rent allowance allowance for children education travel allowance gratuity and so on.

The revenue being aggrieved has filed the present appeal before the tribunal. And as per section 2 14 iii a or 2 14 iii b. 20 april 2013 section 10 37 exempts capital gain arising on transfer acquisition of urban agricultural land situated in any area referred to in section 2 14 iii a or 2 14 iii b.

According to section 10 of the income tax act 1961 the salaried employees are entitled to enjoy the tax exemption. 2 act 2004 w e f. Section 10 37 exemption for urban agricultural land.