NO TAX ON LAND COMPENSATION ?

21 Sep 2011

NO  TAX  ON  LAND  COMPENSATION  ?

In Economic Times [ 17 Sept 2011 ], Devika Banerji reports :

“ Compensation awarded under the Land Acquisition Act for both, urban and rural agricultural land is exempt from income tax “

That must be sweet music to our 224 Members of Parliament ( MP ) , who have declared themselves as “ Agriculturist “ by profession.

Now everyone knows that in our country, only an “ Agriculturist “ can buy agricultural land

But, he cannot sell it to a person who is not a farmer

But he can sell it to Government under the Land Acquisition Act

And at market price, too

In the coming weeks and months, do not be surprised if you don’t find your MP in parliament

He is busy buying some agricultural land – in this land of perennial scams !

With regards

HEMEN  PAREKH