TDS has been effected u/s 194LA. Whether the proceeds are exempt under Right to fair compensation and transparency..... Act or taxed under LTCG? Award document doest mention the said Act in writing. Which trail to be vouched? Learned and experienced plz clarify
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Compensation for urban land acquisition
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If the acquisition is under RFCTLARR Act, 2013, compensation is fully exempt under Section 96 of that Act, and no LTCG arises even for urban land. TDS deducted u/s 194LA can be claimed as refund.
If acquisition is under any other Act, then urban land compensation is taxable as LTCG with indexation.
The deciding factor is the statutory reference in acquisition notification/award, not merely TDS deduction.
Well replied Sir. Thank you. I just glanced through the notification, National Highways Act, 1956 is referred within. The reason for this query is that Advocate is upholding RFCTLARR for filing suit to get additional compensation. So, whether NH Act has any concurrence with RFVTLARR? plz elaborate
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