Tds deducted on compensation of agricultural land

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HSIDC acquire a land and give compensation of Rs 1.6Cr against that land but deducted 10% TDS on it ,i.e, somewhere Rs16 lac. Where should I fill that income so I can take refund of TDS deducted under section 194LA which is not applicable on agricultural land.

I wrote 1.6 lac instead of 16 lac. TDS deducted was 10%.

Thanks in advance

Replies (3)

TDS deducted is 1% and not 10%.

You can file ITR1 online (if no other capital gains or business income) and claim refund. The gains can be declared under exempt income

Thank you sir for your reply.

Sir TDS deducted was 10% it was my typing mistake that I wrote 1%.

Can I fill ITR 1 on above of Rs 50 lakhs.

As it is Rs 1.6 Cr of HSIDC compensation. Is it totally exempted income land was agricultural.

I would like to confirm whether the land was out of the boundry area, as specified area of any municipality or contonment board....... so to assign it as Rural Agricultural land as per IT act.

If Yes, you may file ITR 2........... (technically ITR 1 can be filed, as the gain would not be capital gain, when the land not considered as capital asset.)


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