Capital gain on agricultural lan
This query is : Resolved
Shalaka Solase
(Querist)
17 December 2013
In case of one of my client, agricultural land is compulsorily by Govt Authorities. They have given compensation of 25 Lacs after deducting tds. How will be tax calculated.
TDS is not reflecting in 26AS. What is remedy?
TDS is not reflecting in 26AS. What is remedy?
CA PARAS BAFNA
(Expert)
17 December 2013
You have to request the Govt Authority to deposit the TDS amount as well as E TDS return.
.
Please refer Section 10(37). In case the Agriculture Land is even in Urban Area, you may not have to pay any tax.
.
In case of Rural Area Agriculture land also, tax liability does not arise. The receipt is treated as a capital receipt.
.
You have to compute the Capital Gains and claim exemption in case of Urban Agriculture Land.
.
.
Please refer Section 10(37). In case the Agriculture Land is even in Urban Area, you may not have to pay any tax.
.
In case of Rural Area Agriculture land also, tax liability does not arise. The receipt is treated as a capital receipt.
.
You have to compute the Capital Gains and claim exemption in case of Urban Agriculture Land.
.
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