Interest on compensation on complusory acquisition of land
This query is : Resolved
R. S. Vishwakarma
(Querist)
23 June 2012
please clarify whether interest received on the amount received for compulsory acquisition of land and it is taxable under which section of income tax act. please clarify a case law
Soumitra Basu
(Expert)
24 June 2012
It will be taxable on the same system as the compensation.
27 June 2012
IT IS TAXABLE UNDER INCOME FROM OTHER SOURCES SUBJECT TO DEDUCTION OF 50% . PLEASE CHECK UNDER THE HEAD INCOME FROM OTHER SOURCES
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