Section 194LACentral Act
Section 194LA: [ Payment of compensation on acquisition of certain immovable property. [ Inserted by Act 23 of 2004, Section 38 (w.e.f. 1.10.2004).]
[ Payment of compensation on acquisition of certain immovable property. [ Inserted by Act 23 of 2004, Section 38 (w.e.f. 1.10.2004).]
- 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 one hundred thousand rupees.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.]Previous
Sec 194L — [ Payment of compensation on acquisition of capital asset. [ Inserted by Act 27 of 1999, Section 74 (w.e.f. 1.6.1999).]
Next
Sec 194LB — Income by way of interest from infrastructure debt fund
Disclaimer: This section is reproduced for general informational and reference purposes only. Always verify against the latest official gazette and consult a qualified advocate before relying on any provision.