Section 194LA of ITA, 1961 : Section 194La: Payment Of Compensation On Acquisition Of Certain Immovable Property
ITA, 1961
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Explanation using Example
Imagine a scenario where a local government authority decides to build a new highway and needs to acquire land that includes a portion of Mr. Sharma's property. Mr. Sharma's property is not agricultural land. The government determines that Mr. Sharma should be compensated for the land acquisition and agrees to pay him a sum of ₹3,00,000 as compensation.
Under Section 194LA of the Income-tax Act, 1961, the authority, before making the payment to Mr. Sharma, is required to deduct 10% of the compensation am...
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