Tds from land accquisition

This query is : Resolved

ROY (Querist)
Follow

17 December 2012 Sir,

A person's Ancenstral propety (non-agricultural) has been taken by the state govt for development and paid compensation of Rs 10 Lacs for the accqusition and deducted TDS of Rs 1 Lac @ 10%.

The land purchased by his grandfather in the beginning of FY- 1960-61.

The beneficiary who got the compensation is mere a farmer of BPL group. But he have PAN. Further he did not invest the money in purchase any other capital gain bonds nor agricultural land.

Now, my question is that, is he eligible for getting his tax back.

if yes, please suggest the procedure.

waiting for expert's advice. Thanks in advance.

with regards
Roy

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

17 December 2012 He has to file his Income Tax refund for getting the TDS amount refunded partially or completely depending upon the capital gains
arisen on transfer of such non agriculture land.
.
As you have said that the land was acquired prior to 1.4.1981 hence the fair market value as on 01.04.1981 will be taken as cost of acquisition (COA).
.
COA will be multiplied by the Cost Inflation Index of the financial year, in which the first installment of(or entire) compensation is being received and divided by 100 to arrive the Indexed COA.
.
1000000- Indexed COA= Long Term Capital Gain.
.
Further, slab benefit (Rs. 180000/- for AY 2012-13) will also be available and the amount exceeding Rs. 180000/- will be taxed @ 20%.
.

.

Message likes : 1 times

ROY

ROY (Querist)
Follow

07 January 2013 Sir,
Please help me in calculating the LTCG on the basis of the following information.
1) Date & Deed value of Land Purchased --- 15/12/1988 & Rs 10400/-
2) Catagory of the Land --- Non Agricultural.
3) Amount invested for the development of the land and some minor construction - Rs 1.5 Lac.
4) year of improvement - May 1990.
5) Land accquisition done & compensation money paid by state govt - 22/03/2012 & Rs 10,96,673/-
6) Investment in capital gain bond & purchasing a agricultural land - NIL.

i would be very greatfull to paras sir, if he kindly give me a way out.

thanks in advance

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
Follow

27 July 2025 https://docs.google.com/document/d/1a51OMy_2FxZ1vTOm20FSqFtDrNJhUMqm_P9C2Tn_0Mk/edit?usp=sharing

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Naresh Dhawan

R Prabhudoss

Chnmaya parhi

RAGHUNATH KASIBHOTLA

jayaraman

Subscribe Now

Tds from land accquisition

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA