Compulsory acquisition u/s 194la

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CA Dipesh Jain (Querist)
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24 June 2017 Government compulsory acquired non urban agricultural land accompanied with building and paid compensation of Rs. 1700000 and a Plot Value of Rs. 3000000.. Government deducted Tds of Rs.170000 u/s 194LA of Income Tax Act 1961.
Land holding period is more then three years. But building was recently constructed by the owner.

What will be the tax implication.
Can we claim refund of deducted Tds or we have to pay tax

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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24 June 2017 Period of holding will be calculated for land & building separately Yes you may claim the refund if the income is below the exemption limit

CA Dipesh Jain

CA Dipesh Jain (Querist)
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25 June 2017 Is fair market value of new plot is taxable or not, we have to calculated Capital Gain?
Is RFCTLARR Act 2013 will apply or not.

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