Interest on compulsory acquistion of agriculture land
This query is : Resolved
21 March 2013
One farmer has received the interest on compulsory acquisition of rural agriculture land and TDS has been deducted and my question is that whether the interest on compulsory acquisition of rural agriculture land is exempt if YES then under which ITR return should be filed?? interest amount 1166650/- TDS and whether he will get full refund??
One farmer has received the interest on compulsory acquisition of rural agriculture land and TDS has been deducted and my question is that whether the interest on compulsory acquisition of rural agriculture land is exempt if YES then under which ITR return should be filed?? interest amount 1166650/- TDS and whether he will get full refund??
22 March 2013
there is no taxability of income received on sale of RURAL agricultural land. so there is no question of TDS . He will get
refund of entire amount provided he should
not have any other income. But he has file ROI u/s139(1)to get refund. such interest also is not taxable.
refund of entire amount provided he should
not have any other income. But he has file ROI u/s139(1)to get refund. such interest also is not taxable.
22 March 2013
sir,
filing Nil return in itr 2 nd claiming refund is it correct??
filing Nil return in itr 2 nd claiming refund is it correct??
22 March 2013
yes. File ITR-2 and claim refund by enclosing form no 16
Soumitra Basu
(Expert)
23 March 2013
IT IS NOT FORM NO. 16 BUT FORM NO 16A.
CA Sanjeev Kr Jain
(Expert)
23 March 2013
i do not agree with above, better you go to the following link
https://www.caclubindia.com/experts/interest-on-enhanced-compensation-on-compulsory-acquisition-1046574.asp#.UU2pZxeovko
https://www.caclubindia.com/experts/interest-on-enhanced-compensation-on-compulsory-acquisition-1046574.asp#.UU2pZxeovko
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