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Agriculture income

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 August 2012 agriculture land acquired by ralway for Rs. 2.10 lacs. Fruit Trees standing on land(which were grown after proper cultivation)were also demolished by railway and compensation of Rs. 11.20 lacs given for these trees.
railway deducted a TDS of rs. 1.12 lacs for tree payment.
-Whether railway is correct in deducting TDS?.

CLient is having only agriculture income.

-Now to claim the refund in which ITR form return will be filed?

-In this case whether it is necessary to show books of account maintained?
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srinath

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srinath (Expert)
07 August 2012 Under section 194LA, when an immovable property is acquired compulsorily, 10percent TDS would be deducted. However, it is not applicable for agricultural land.

Immovable property does not include trees.

Now since railways has already deducted, the best alternative available is file ITR 2 and claim capital gain exemption for sale of agricultural land.

This answer is given based on the assumption that 11.20 lacs if for land also
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