U/s 194la
This query is : Open
10 May 2017
One of my client has received compensation of Rs 30 lakh in compulsory acquirent of agriculture land and tds deducted Rs. 3 lakh u/s 194LA. Is thers any tax liabilty. If not then where we have to show it in Income Tax Return and how to claim refund.
10 May 2017
Is agriculture land is urban or rural.
As compensation for rural is exempted while for urban capital gain is generated.
10 May 2017
It is urban. But i think urban and rural both are exempt as per RFCTLARR Act 2013.
10 May 2017
It is Urban. But i think both rural and urban are exempt as per RFCTLAAR Act,2013
11 May 2017
Rural agricultural land is specifically excluded from the definition of Capital Asset in the Income Tax Act 1961.
Earlier Capital Gain from sale or compulsory acquisition of Urban agricultural land is to be treated as per section 10(37) of the Income Tax Act, 1961. However after 2014 the RFCTLAAR Act,2013 which is wider in scope than Income Tax Act, 1961 has exempted the capital gain from compulsory acquisition of land whether it is urban land or rural land. Thanks!
Earlier Capital Gain from sale or compulsory acquisition of Urban agricultural land is to be treated as per section 10(37) of the Income Tax Act, 1961. However after 2014 the RFCTLAAR Act,2013 which is wider in scope than Income Tax Act, 1961 has exempted the capital gain from compulsory acquisition of land whether it is urban land or rural land. Thanks!
13 May 2017
Thank u so much CA Mohit! But where and how to show this comensation income in ITR and how can we claim TDS deducted on comensation u/s 194LA
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