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Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2011 Plssss... help me, One farmer land is aquired by govt. for road . He has no any income, either by any way. He has recieved Rs.1000000/- and TDS has deducted Rs. 100000/-. Under which Sec.he will get relief and can get refund. Sanjay.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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06 November 2011 In case , rural Agri. land is subjected to Comp. Acquisition, there will be no capital Gain and as such entire amount deducted towards TDS is refundable.

In case of Urban Land pl go through Section 10(37). In case the Comp. Acquisition is under any law or compensation is decided or approved by the Central Govt. or RBI, the income from capital gain on such urban Agriculture Land is exempt.

The capital gains arising on non Agriculture Land is taxable and exemption U/s 54F- Purchase of Residential House, and U/s 54EC- Investment in Capital gain Bonds of REC and NHAI, can be availed.

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