Question ID : 21580
Taxability of amount received on Sale of Agricultural Land
One of the farmer (Owner) has sold his agricultural land which was situated within the limits of Municipal Corporation to a Builder for a monetary consideration of Rs.1,10,00,000. On the said land another person was having unauthorized possession. To clear this unauthorized possession builder also made payment of Rs.40,00,000 to that person and also deducted TDS u/s 194IA. In this case whether amount of Rs.40,00,000 received by that person will be taxable as Capital Gain? If not how exemption can be claimed?
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