ONE OF MY CLIENT, SOLD HIS AGRICULTURAL LAND TO HIGHWAY AUTHORITY OF INDIA AS PER COMPULSORY ACQUISITION LAND ACT, MORE THAN 40,LAKHS RUPEES TDS HAS BEEN DEDUCTED 4 LAKHS RUPESS. NOW MY QUESTION IS AS PER INCOME TAX RULES IS EXEMPTED FROM INCOME TAX. BUT WE CAN CLAIM 4 LAKHS RUPEES AS REFUND AMOUNT TO FILING INCOME TAX RETURNS ABOVE LARGE AMOUNT OF RECEIVED.
MY WORRY IS SUCH A LARGE AMOUNT MEANS MORE THAN 40 LAKHS RUPEES SIMPLY EXEMPTED FROM INCOME TAX EVEN TDS HAS BEEN DEDUCTED, AGAIN SUCH LARGE TDS AMOUNT CLAIM AS REFUND, I AM EITHER EXPECTING OR NOT WILL INCOME TAX AUTHORITIES RAISE A QUESTION ABOUT SUCH A LARGE AMOUNT THAT'S ALL MY WORRIES,
CAclubindia
