Refund on tds u/s 194la for agricultural land acqusition

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Dear sirs,

There is a Agricultural land which is on my fathers(actually relative land) name @ 40-50 years back which was Aquired in GIDC @ 20 years back for which they have recieved money from goverment.

Now the comentation has been receieved to court case file for fare land price and they have receieved compentation of @ 1.13 crore for which TDS of 11.3 lac has been deducted.

So under RFCTLAAR Act, 2013.can i claim TDS refund. Also is there any more tax liability i am liable for in future.

My father has intrest income only as he is retired and current age 73 years.Which form he has to file and how to get refund of TDS amount of 11.3 Lac.

 

Nikhil Shah

Replies (2)

The compensation received on the land is exempt; but interest over it is taxable in the year of receipt.

So, file IT return of the corresponding year, offer tax over other income, and claim excess TDS as refund.

I have receievd only court order, should i ask the office od land aquision for statement of ammount claim under Compentation & Intrest ammount.

Which form my father have to fill for Tax return and under which head to claim TDS return???

Can we claim intrest also in back years ot to pay tax only in this year only?

Any help is appreciated.


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