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Interest received on land aquisition reimbursement afrom gov

This query is : Resolved 
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(Querist)
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
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
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)
.
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Vishnu Davadaparmar

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Vishnu Davadaparmar (Querist)
04 September 2013 Thanks a lot Sir
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