Interest received on land aquisition reimbursement afrom gov
This query is : Resolved
03 September 2013
Dear Sir
we have received Rs 1659057/-with interest of Rs 996097/-for land is used for GOVt project.
So our TDS is deducted by GOVT rs 102598/-
can we distribute this intrest yearwise as it is accrued interest of 10 years
pl guide me
we have received Rs 1659057/-with interest of Rs 996097/-for land is used for GOVt project.
So our TDS is deducted by GOVT rs 102598/-
can we distribute this intrest yearwise as it is accrued interest of 10 years
pl guide me
03 September 2013
You have to take the interest on Receipt basis.
.
However you can claim deduction of 50% of the amount of interest received .
Refer Section 57(iv)
.
.
However you can claim deduction of 50% of the amount of interest received .
Refer Section 57(iv)
.
04 September 2013
Thanks a lot Sir
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
- TDS on rent received on hardship compensation being rent on redevelopment of building
- ITR-Capital Gain
- Gst on travel by air for business purposes
- Query regarding reporting of exempt foreign remuneration in ITR
- Loss of interest in PF transfer from EPFO to Trust
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Taxation on Old jewellery sold
- NRI INSURANCE ADVISOR
- DUE DATE FOR ITR FILING
- 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
