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Income tax return in case of compulsory acquisition of land and immovable property


HR CONSULT (CONSULTANT)     18 May 2019

HR CONSULT
CONSULTANT 
 7 points

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how to treat Compensation received under RFCTLARR Act ?

Income from Business and profession -  1,74,950

Compensation received for compulsory acquisition of agriculture land  - 16,65,777 ( including 100 % Solatium)

Compensation received for compulsory acquisition of house - 20,98,000  (including 100 % Solatium) 

TDS deducted on  1049000 ( u/s 194 LA) is 1049000

 

IS it exempt income or it will be taxable under LTCG? (the client is also constructing new house )

 

avater

rama krishnan   19 May 2019

rama krishnan

 940 likes  10204 points

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compulsory acquisition made rfctlarr is fully exempt

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avater

HR CONSULT (CONSULTANT)     19 May 2019

HR CONSULT
CONSULTANT 
 7 points

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Sir, it means we can show the full amount of compensation (land and house) in EI schedule.

avater

RAMAKRISHNAN R (INCOME TAX OFFICER)     19 May 2019

RAMAKRISHNAN R
INCOME TAX OFFICER 
 160 likes  1698 points

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Yes you can

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