Hi Sir,
I bought a land in 2009 for an amount of 3.8 Lakhs, govt aquired my land and paid last month 8.10 lakhs by deducting TDS 95K
Is there any opportunity to invest the amount in to another land and get the TDS deducted or refund amount from the govt? If so what should I do.
When did it was aquired?
Was it aquired under RFCTLARR act?
Should we consider the Basic exemption limit (2.5 lakh) for this capital gain?
It was acquired last year but the settlemet made in March 2018
Not pretty sure under which act they acquired it, but govt has taken the property
As the RFCTLARR act has been implemented from 1.4.2014, any aquisition under sect. 96 of the act are tax-exempt.
Refer: Circular/Circular36/2016.
Sir,
Thank you so much for the information:-)
Sir,
It is not covering under the RFCTLARR act, whether tax can be refund, if the sale consideration amount been invested in new land?
First check your aquisition order, and then decide for any solution. As recent all the aquisitions by governmetal agencies are under the said act.
Hi Sir,
Sure I will check it again.
Hi Sir,
Govt aquired the land for Industrial purpose on TN Act 10 / 1999. Will this act falls under fully exempt?
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