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Income Tax Exemption under Section 10(37) of Income Tax Act, 1961

 

Eligible Assessee

Individual or HUF

 

Nature of Income

Capital gains arising out of sale of agricultural land

 

Amount Exempt

Entire gain

 

 

 

Conditions laid down for Tax Exemption u/s 10(37)

  1. The land is situated in area as referred to in section 2(14)(iiia) or 2(14)(iiib)

  2. Such land was used in previous two years from the date of transfer for agricultural purpose by the assessee or his parents

  3. Transfer is by way of compulsory acquisition or consideration or enhanced consideration of which is approved by RBI or Central Govt.

  4. Such income arises on or after 1.4.2004

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