Regarding interest
This query is : Resolved
24 July 2012
An assessee holds agricultural land.The agri. land is not covered by definition of capital asset. The land was compulsorily acquired by government. An assessee receives compensation with interest by government.
Now my question is whether interest received on compensation by the assessee for the land compulsorily acquired by government is taxable or not.
An assessee holds agricultural land.The agri. land is not covered by definition of capital asset. The land was compulsorily acquired by government. An assessee receives compensation with interest by government.
Now my question is whether interest received on compensation by the assessee for the land compulsorily acquired by government is taxable or not.
24 July 2012
agricultural land in rural area is not a capital asset
but in urban area it is a capital asset
but in urban area it is a capital asset
24 July 2012
Interest shall be taxable also have the opinion of other experts
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