Shubham Raj (3 Points)
20 August 2019Sir I have a received a compensation on compulsory acquisition of land in rural area.approx 25 lacs and TDS amount is 2.8 lac.
my question is that how should I claim TDS.
Can I go for indexation benifits.
Or declared a not capital asset or exempted income.
which form I summit
whether ITR 1ya ITR 2
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195571 Points)
Replied 20 August 2019
If the land acquired is under RFTLAAR act 2013 (Section 96), the receipt is tax exempt. Its declared under Schedule EI and refund can be claimed. (CBDT Circular No. 36/2016 dt. 25 Oct. 2016)
Kapadia Pravin
(17264 Points)
Replied 20 August 2019
Shubham Raj
(3 Points)
Replied 20 August 2019
sir how shall i claim exemption under RFTLAAR ACT,Circular No. 36/2016 dt. 25 Oct. 2016)
and which ITR i have to summit.
also tell me the procedure of refund claim.
for this act i will much oblighed to you.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195571 Points)
Replied 20 August 2019
Just verify from the acquisition order, whether the land was acquired under 'THE RIGHT TO FAIR COMPENSATION AND TRANSPARENCY IN LAND ACQUISITION, REHABILITATION AND RESETTLEMENT ACT, 2013?'
Certification Course on GSTR-3B Reconciliation with GSTR-2B through AI Tools
CAclubindia
