Interest on compensation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 August 2013
Dear Sir
I have received compensation after death of my husband received amount of Rs. 2550000/- but this amount was delay. So i have received interest of Rs. 624222/- but insurance co. deduct tax 10% & deposited in sec. 194J, but interest sec. is 194A. I have no decide this income is wheres 2nd i think this interest is exempt on which sec.
thanks
Dear Sir
I have received compensation after death of my husband received amount of Rs. 2550000/- but this amount was delay. So i have received interest of Rs. 624222/- but insurance co. deduct tax 10% & deposited in sec. 194J, but interest sec. is 194A. I have no decide this income is wheres 2nd i think this interest is exempt on which sec.
thanks
22 August 2013
I also support your view as far as TDS section for Interest is concerned.
.
In my view the following case will be helpful to you-
https://indiankanoon.org/doc/1465669/
.
In brief, in this case the tribunal has discussed that interest is just part of the compensation and it is not like interest as defined U/s 2(28A). You can treat the same as a capital receipt also.
.
.
In my view the following case will be helpful to you-
https://indiankanoon.org/doc/1465669/
.
In brief, in this case the tribunal has discussed that interest is just part of the compensation and it is not like interest as defined U/s 2(28A). You can treat the same as a capital receipt also.
.
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