Section 194L of Income Tax Act "Payment of compensation on acquisition of capital asset"
Omitted by the Finance Act, 2016, w.e.f. 1-6-2016.]
194LA. Any person responsible for paying to a resident
any sum, being in the nature of compensation or the enhanced
compensation or the consideration or the enhanced
consideration on account of compulsory acquisition, under
any law for the time being in force, of any immovable
property (other than agricultural land), shall, at the time
of payment of such sum in cash or by issue of a cheque or
draft or by any other mode, whichever is earlier, deduct an
amount equal to ten per cent of such sum as income-tax
thereon:
Provided that no deduction shall be made under this section
where the amount of such payment or, as the case may be, the
aggregate amount of such payments to a resident during the
financial year does not exceed two lakh and fifty thousand
rupees:
Provided further that no deduction shall be made under this
section where such payment is made in respect of any award
or agreement which has been exempted from levy of income-tax
under section 96 of the Right to Fair Compensation and
Transparency in Land Acquisition, Rehabilitation and
Resettlement Act, 2013 (30 of 2013).
Explanation.-For the purposes of this section,-
(i) "agricultural land" means agricultural land in India
including land situate in any area referred to in items (a)
and (b) of sub-clause (iii) of clause (14) of section 2;
(ii) "immovable property" means any land (other than
agricultural land) or any building or part of a building.
What is Direct payment? What is Salary? Section 191 and 192 of Income Tax Act 1961
What are Dividends? Section 194 of Income Tax Act 1961
What is Rent? Section 194 I of Income Tax Act 1961
What is Interest other than Interest on securities? Section 194A of Income Tax Act 1961
What is Payments to contractors? Section 194C of Income Tax Act 1961