Funds Withdrawn from Court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Query: Is the amount withdrawn upon furnishing an indemnity bond liable for taxation?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Query: Is the amount withdrawn upon furnishing an indemnity bond liable for taxation?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."
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- ITR-Capital Gain
- Taxation on Old jewellery sold
- Reporting in TDS return
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- F&O reporting in ITR
- Loss of interest in PF transfer from EPFO to Trust
- Sale of Mutual Funds In Diffirent Financial Years
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- PF wage ceiling
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
