Compulsory acquisition of agricultural land
This query is : Resolved
29 July 2015
Dear sir
I have a query in regard to interest income earned on amount recd as compulsory acquisition of agricultural land.
My uncle an agriculturist recd an amount as compensation of compulsory acquisition of his agricultural land which he later deposited in a bank as fixed deposit and recd interest after deducted tds from bank.
My question is whether all amount consider his income or this interst income will be divided amongs other members of family as all other member also have the right on the land or all the income would clubed in his return and he is entitled for paying the tax on whole interest income.
Thanks
I have a query in regard to interest income earned on amount recd as compulsory acquisition of agricultural land.
My uncle an agriculturist recd an amount as compensation of compulsory acquisition of his agricultural land which he later deposited in a bank as fixed deposit and recd interest after deducted tds from bank.
My question is whether all amount consider his income or this interst income will be divided amongs other members of family as all other member also have the right on the land or all the income would clubed in his return and he is entitled for paying the tax on whole interest income.
Thanks
30 July 2015
If entire deposit is made in his name he is liable for tax on entire interest. If he distributes the amount to family members and any income earned on it will be taxable in their hands.
Clubbing applicable only in case of minor children and spouse.
Clubbing applicable only in case of minor children and spouse.
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