Income tax and capital gain on forced acquisition of agri land

Income tax and capital gain on forced acquisition of agri land

Dear Sir,
My family land was acquired by under "tamil nadu acquisition of land for haruan welfare scheme act 1978". during feb 1999.
we claimed for additional compensation and went to supreme court and awarded during 2016.

At the time of payment collector office detected TDS of 10 % of the total amount ( which includes principle and interest for the entire period). In this case ( we forgot to create HUF at the time of TDS)
My question are :
1. Whether we need to pay capital gain & income tax from the interest being paid for the entire 17 years?
2. Are we eligible to claim the Act, 2013 (RFCTLAAR Act’) where it is effect from 1st January, 2014?
because we have received award copy only during June 2016
3. If this is case whether we can fully eligible to claim the 100% TDS back from income tax department.
4. If this is not the case how much we can claim as per the old income tax act?

Expecting your feedback. thanks

Asked 8 years ago in Capital Gains Tax

Hello,

1. Yes tax shall be paid on the amount of Interest.

2. Please provide more details as what particular option are you planning to select in the act.

3. If excess tax is deducted then it shall be refunded back to you.

4. same as above.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma