Funds Withdrawn from Court
This query is : Resolved
24 October 2019
We have filed an Appeal against the Govt. of Maha. for enhancement in compensation for land acquired by the latter. The Govt. has been instructed to deposit the money in the Hon. Court as per the order passed by the Lower Court. We are allowed to withdraw the money upon furnishing an indemnity bond. We have filed the Appeal for obtaining a higher compensation than the one allowed by the Lower Court.
Query: Is the amount withdrawn upon furnishing an indemnity bond liable for taxation? If Yes or No pls cite the reasons.
Query: Is the amount withdrawn upon furnishing an indemnity bond liable for taxation? If Yes or No pls cite the reasons.
26 May 2020
According to the CBDT circular issued in 2016, such compulsory acquisition of land is exempt from income tax. You may calculate the capital gain and report it under the Exempt Income head when filing your tax return."
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