Interest on compensation & enhansed compensation
This query is : Resolved
16 December 2011
As per sec.145A,interest on compensation& enhanced compensation shall be deemed to be income of year in which it is received.
but where it will be taxable if paid immediately or late paid.
what are the provisions related to this.
but where it will be taxable if paid immediately or late paid.
what are the provisions related to this.
16 December 2011
1.When compensation is paid immediately question of interest does not arise.
2. The Provisions related with capital gains ARISING ON compulsory acquisition are mentioned in Section 45(5).
3. It is also important to study the provisions of Section 10(37).
2. The Provisions related with capital gains ARISING ON compulsory acquisition are mentioned in Section 45(5).
3. It is also important to study the provisions of Section 10(37).
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16 December 2011
Interest on Compensation - 50% Falt Deduction.
Rest Taxable Under Other Source Head.Not to Add With Capital Gain.
Rest Taxable Under Other Source Head.Not to Add With Capital Gain.
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16 December 2011
Interest on Compensation - 50% Flat Deduction.
Rest Taxable Under Other Source Head.Not to Add With Capital Gain.
Rest Taxable Under Other Source Head.Not to Add With Capital Gain.
17 December 2011
Interest received on compensation or on enhanced compensation referred in section 145A(b) has to be offered as income under the head 'income from other sources' as per section 56(2)(viii) of the Income tax Act,1961.
From assessment year 2010-11 and onwards, 50% of such amount can be claimed as deduction while computing income under the head 'income from other sources' as per section 57(iv) of the said act.
From assessment year 2010-11 and onwards, 50% of such amount can be claimed as deduction while computing income under the head 'income from other sources' as per section 57(iv) of the said act.
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18 December 2011
Dear B.Chackrapani Warrier Sir,
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Regards,
Ayush Agrawal
Your Way of Answering Queries is Really Awesome.....
I Really Like This...
in Spare Time, I Used to Read Your Answered queries.
Regards,
Ayush Agrawal
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