Tds on agricultural land compulsory acquisition

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This query is : Resolved

AKASH PATEL (Querist)

15 April 2014 there are one farmer, who has only agriculture income. his agriculture land is situated in rural area. this land is compulsorily acquired by government. and deduct 10% tds on payment u/s 194i. so, can he claim tds refund? and if yes, then under which itr he has to file his return? and which income is shows in itr! agriculture income or rent income?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

15 April 2014 Yes, he shall get refund of TDS by filing return of income in ITR-4 and the gain arises on sale of agrl land shall be Capital gain.

OM SAI SRI SAI JAI JAI SAI

Nikhil Kaushik

Nikhil Kaushik (Expert)

15 April 2014 any reason why ITR2 cannot be filed?

Nikhil Kaushik

Nikhil Kaushik (Expert)

15 April 2014 any reason why ITR2 cannot be filed?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

15 April 2014 Yes, ITR-2 can also file,because of it also contains schedule Capital gain and exempted income.

OM SAI SRI SAI JAI JAI SAI

Rupesh Jain

Rupesh Jain (Expert)

16 April 2014 compulsory acquition section is 194LA
but this section not applicable on acquisition of agriculture land.

also under income tax act capital gain on tfr of agriculture land is not taxable.

then you can get all refund of tds.
due to income is not taxable .

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