Capital gain and other source

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subham agarwal (Querist)

21 January 2015 if my agricultural land comes under compulsory aquisition and the money received from govt. was deposited in saving a/c. So, my tds will be deducted by bank on exceeding rs.10000 int. and i have to include it in my total income.
Is there any point by which it will not form my income and my tds will not deduct as my total income falls below exemption limit before this interest.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

21 January 2015 no,then int is taxable as income from other sources and u will get deduction upto 50% under sec 57.

further if u invested in savings a/c still int on such savings a/c taxable but for this there is a deduction available u/s 80TTA.

Rupesh Jain

Rupesh Jain (Expert)

22 January 2015 you can give form 15G and 15H if your income in below the exemption limit then no tds will be deducted by the bank.

you can get deduction u/s 80TTA. for rs. 10000/- intt on saving a/c
u/s 57 is applicable on the intt recd from the govt on compensation.

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