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Tds on land sold to the government

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This query is : Resolved

nilakantha (Querist)

06 February 2013 We had a land in our village due to some reason the government took it and deducted TDS from the base price in financial year 2012-13. Now if we file our return for this assessment year 2013-14 can we show as a deduction and if yes under which section.
Please help me out.

Thank you
nilakantha

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

06 February 2013 In case the land is Agriculture land which has been taken away by the Govt under the compulsory acquisition- there will be no tax liability of the owner of the land.
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If the land is non -agriculture land , you have to first calculate the capital gains.
It is computed on the basis of year of purchase, Cost and year of sale.
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The tax has been deducted U/s 194L and you can deduct the same from your tax liability. If The TDS is more than your tax liability you will be granted refund on filing of return.
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nilakantha

nilakantha (Querist)

07 February 2013 Thank you very much sir for your suggestion.

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