Krishna (Manager - Genesis Tax Consultant) (531 Points)
24 May 2018Hi Sir,
I bought a land in 2009 for an amount of 3.8 Lakhs, govt aquired my land and paid last month 8.10 lakhs by deducting TDS 95K
Is there any opportunity to invest the amount in to another land and get the TDS deducted or refund amount from the govt? If so what should I do.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169108 Points)
Replied 24 May 2018
When did it was aquired?
Was it aquired under RFCTLARR act?
Krishna
(Manager - Genesis Tax Consultant)
(531 Points)
Replied 24 May 2018
Should we consider the Basic exemption limit (2.5 lakh) for this capital gain?
Krishna
(Manager - Genesis Tax Consultant)
(531 Points)
Replied 24 May 2018
It was acquired last year but the settlemet made in March 2018
Krishna
(Manager - Genesis Tax Consultant)
(531 Points)
Replied 24 May 2018
Not pretty sure under which act they acquired it, but govt has taken the property
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169108 Points)
Replied 24 May 2018
As the RFCTLARR act has been implemented from 1.4.2014, any aquisition under sect. 96 of the act are tax-exempt.
Refer: Circular/Circular36/2016.
Krishna
(Manager - Genesis Tax Consultant)
(531 Points)
Replied 24 May 2018
Sir,
Thank you so much for the information:-)
Krishna
(Manager - Genesis Tax Consultant)
(531 Points)
Replied 24 May 2018
Sir,
It is not covering under the RFCTLARR act, whether tax can be refund, if the sale consideration amount been invested in new land?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169108 Points)
Replied 24 May 2018
First check your aquisition order, and then decide for any solution. As recent all the aquisitions by governmetal agencies are under the said act.
Krishna
(Manager - Genesis Tax Consultant)
(531 Points)
Replied 24 May 2018
rama krishnan
(12234 Points)
Replied 25 May 2018
Krishna
(Manager - Genesis Tax Consultant)
(531 Points)
Replied 25 May 2018
Hi Sir,
Sure I will check it again.
Krishna
(Manager - Genesis Tax Consultant)
(531 Points)
Replied 26 May 2018
Hi Sir,
Govt aquired the land for Industrial purpose on TN Act 10 / 1999. Will this act falls under fully exempt?
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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