Sir 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
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)
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.
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?'
Dear sir, good evening
CAclubindia
