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
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