Compulsory acquisition capital gain liability
This query is : Resolved
21 August 2014
Railway corridor corporation has acquired the land of one person for an amount rs. 80 lacs and deduct tds @1% under section 194 la . my question is the amount received by the said person is liable for capital gain. if the answer is yes is it possible that he can purchase some land.this compulsory acquisition has taken place in financial year 2013-14 and payment has also been received in that year. if he is not liable for capital gain tax then can he cliam refund of tds.thanks in advance.
21 August 2014
if it is urban agriculture land the its exempt u./s 10(37)
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