Land acquisition

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This query is : Resolved

SANTOSHKUMAR R CHAKRASALI (Querist)
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26 February 2014 assessee is a agriculturist, by the govt (special land acquisition office, NHAI chitradurga ) has acquired land and deducted the tax under section 194A but we have claimed the tds amount by making return file (ITR2) then so many assessee has received the tds refund amount.
MY QUESTION IS UNDER WHICH SECTION THIS INCOME WOULD BE EXEMPTED, AS I HEARD THERE IS A GOVT ORDER TO WHO PURELY AGRICULTURIST

CAN ANY BODY CLARIFY

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 March 2014 the agriculture land not covered (beyond the limits provided in) under section 2(14)(iii), then it is not considered as a capital assets. therefore transfer of such land doesnt attract any taxability.

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