Interest received on land aquisition reimbursement afrom gov
This query is : Resolved
Vishnu Davadaparmar
(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
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
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)
.
.
However you can claim deduction of 50% of the amount of interest received .
Refer Section 57(iv)
.
Vishnu Davadaparmar
(Querist)
04 September 2013
Thanks a lot Sir
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