one person wants to transfer thecland to govt JSV for water tank. To consider it department make estimate of 15 lakh.
Now in this case LA department has to acquire property from person than transfer to the JSV.
In this case any TDS will deducted or Not?
If yes can assasee claim this as refund?
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About Land Acquisition
Replies (3)
The Central Government has enacted a new law namely Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, (‘RFCTLARR Act’) on 26th September, 2013 which came into force on 1st January, 2014.
Section 96 of the RFCTLARR Act inter-alia, provides that income-tax shall not be levied on award or agreement made subject to limitations mentioned in section 46 of the said Act. Therefore, compensation received for compulsory acquisition of land under the RFCTLARR Act (except those made under section 46 of RFTCLARR Act), is exempted from the levy of income-tax.
No TDS deduction applicable.
Ok sir I will study and update you later.....
Good Luck...
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