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Regarding interest

This query is : Resolved 
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(Querist)
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.
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CA.Sourabh Sethia

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CA.Sourabh Sethia (Expert)
24 July 2012 agricultural land in rural area is not a capital asset
but in urban area it is a capital asset
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CA.Sourabh Sethia

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CA.Sourabh Sethia (Expert)
24 July 2012 Interest shall be taxable also have the opinion of other experts
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