Section 194la
This query is : Resolved
01 June 2013
IF COMPENSATION IS RECEIVED U/S 194LA I WANT TO KNOW INWHICH HEAD INCOME WILL BE COMPUTED AND HOW MUCH TDS WE CAN CLAIM DEDUCTED @ 10%
01 June 2013
Compute the income under the head 'capital gains'.
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01 June 2013
long term capital gains are exempt frm tax thn why huda authority deduct tax frm compensation
Anil Sankar V
(Expert)
01 June 2013
income under the head capital fains.in case of revised compensation(more)-income from other sources.
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Anil Sankar V
(Expert)
01 June 2013
May i know who is the receiver?may be bit more detailed depending.
Anil Sankar V
(Expert)
01 June 2013
then TDS has to be deducted.Capital gain is taxable for resident woman.
01 June 2013
it is not consideration than how can we compute capital gains on it
Anil Sankar V
(Expert)
01 June 2013
Any consideration duly recd in the form compensation, has to be duly taxed under the head CG, in case of incremented consideration has to be taxable under the head income from other sources. pl. do specify, what form of consideration is it?
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01 June 2013
sir, it is incremented consideration and i want to know in this case can i claim full tds amount in any situation
Anil Sankar V
(Expert)
01 June 2013
Yes, you can claim full TDS
Ganeshbabu K
(Expert)
01 June 2013
You can avail exemption from section 54D,as below,
That part of Capital Gain arising from Compulsory acquisition of Land , Building or any right is such Asset used by Assessee for 2 years for his own business, shall be Tax-FREE which is reinvested in purchase of another Land or Building or Right in Land or Building within 3 years of the acquisition.
The new Asset so acquired cannot be sold or transferred for a period of 3 years, otherwise old exempted Gain will be put to TAX.
That part of Capital Gain arising from Compulsory acquisition of Land , Building or any right is such Asset used by Assessee for 2 years for his own business, shall be Tax-FREE which is reinvested in purchase of another Land or Building or Right in Land or Building within 3 years of the acquisition.
The new Asset so acquired cannot be sold or transferred for a period of 3 years, otherwise old exempted Gain will be put to TAX.
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