Refund of tds on interest received for urban land acquired
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 October 2012
Dear Sir,
I have a client whose TDS has been
Deducted on Interest(for late payment
of compensation enhanced by govt).
Agriculture land is situatedin urban
area.and @10% tds was deducted.
Now question is that :-
1) can i get refund of tds.
2)Interest is received for the period (2006 to 2011).
3) in which section i can claim
relief.
4)and how many sections will
applicable on such type of
transaction.
5)How to calculate Taxable Interest.
I have a client whose TDS has been
Deducted on Interest(for late payment
of compensation enhanced by govt).
Agriculture land is situatedin urban
area.and @10% tds was deducted.
Now question is that :-
1) can i get refund of tds.
2)Interest is received for the period (2006 to 2011).
3) in which section i can claim
relief.
4)and how many sections will
applicable on such type of
transaction.
5)How to calculate Taxable Interest.
16 October 2012
1. Such interest is taxable u/s 56(2)(viii).
2. The whole amount of such interest is taxable in the year in which it is received (Section 145A).
3. As per Section 57(iv) deduction of 50% of the amount of interest is allowed.
So income shall be computed as under:
Interest
Less: 50% of interest
You will file a return in ITR 1 showing the income. The TDS shall be allowed and if tax liability does not arise the same shall be refunded.
2. The whole amount of such interest is taxable in the year in which it is received (Section 145A).
3. As per Section 57(iv) deduction of 50% of the amount of interest is allowed.
So income shall be computed as under:
Interest
Less: 50% of interest
You will file a return in ITR 1 showing the income. The TDS shall be allowed and if tax liability does not arise the same shall be refunded.
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