21 March 2013
One farmer has received the interest on compulsory acquisition of rural agriculture land and TDS has been deducted and my question is that whether the interest on compulsory acquisition of rural agriculture land is exempt if YES then under which ITR return should be filed?? interest amount 1166650/- TDS and whether he will get full refund??
22 March 2013
there is no taxability of income received on sale of RURAL agricultural land. so there is no question of TDS . He will get refund of entire amount provided he should not have any other income. But he has file ROI u/s139(1)to get refund. such interest also is not taxable.
CAclubindia
