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Tds on land sold to the government

This query is : Resolved 
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(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
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CA PARAS BAFNA

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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

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nilakantha (Querist)
07 February 2013 Thank you very much sir for your suggestion.
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