Compulsory acquisition of agriculture land

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chandra Shekhar Jha (Querist)
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11 July 2016 Dear Sir NTPC has compulsory acquired agriculture land from farmers and paid the compensation after deducting tax u/s 194LA. In my opinion compensation received for compulsory acquistion of agriculture land is exempt as agriculture land does not come with in the definition of capital asset. Which ITR Form shall be used by the assessee to get refund of TDS deducted by NTPC. In which column the amount received has to shown in ITR.

Regards Chandra Shekhar Jha

Amol S Joglekar

Amol S Joglekar (Expert)
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11 July 2016 Please go throgh the link
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
Also note the provisions of
section 10 (37) in the case of an assessee, being an individual or a Hindu undivided family, any income chargeable under the head "Capital gains" arising from the transfer of agricultural land, where—
(i) such land is situate in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section 2;
(ii) such land, during the period of two years immediately preceding the date of transfer, was being used for agricultural purposes by such Hindu undivided family or individual or a parent of his;
(iii) such transfer is by way of compulsory acquisition under any law, or a transfer the consideration for which is determined or approved by the Central Government or the Reserve Bank of India;
(iv) such income has arisen from the compensation or consideration for such transfer received by such assessee on or after the 1st day of April, 2004.
Explanation.—For the purposes of this clause, the expression "compensation or consideration" includes the compensation or consideration enhanced or further enhanced by any court, Tribunal or other authority;

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