15 August 2015
Many farmers received land compensation from Government.The Special Land Acquisition Officer deduct TDS u/s194LA.Such agricultural land situated in urban area. Whch form is to be used for Income tax Return for to get Income tax refund? ITR2 ask to filled salary figure.ITR2A ask capital gain figures.I this this compensation is tax free receipts. In Which column compensation to be shown.Here is no sale of purchase amount.Now for refund Oline eReturns are mandatory.In which manner can upload error free return.
16 August 2015
compensation for land is exempt under section 10(37) if conditions mentioned therein are satisfied otherwise compensation amount is taxable under section 45(5)
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