Taxability of enhanced compenstion
This query is : Resolved
LalitKapoor
(Querist)
03 September 2017
Person received an enhanced compensation on compulsorily acquisition of rural agricultural land. Compensation include principal amount and interest amount. Will it be taxable or exempt? If taxable then in what context?
Amol S Joglekar
(Expert)
03 September 2017
please go through section 10(10BC)
enhanced compensation is exempt.
Interest on compensation is taxable.
enhanced compensation is exempt.
Interest on compensation is taxable.
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Ashiwini Ballodia
(Expert)
03 September 2017
Interest of 50% will be exempt
CA Rashmi Gandhi
(Expert)
03 September 2017
Compensation received for rural land is exempt.
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CA Rashmi Gandhi
(Expert)
03 September 2017
Interest is chargeable under head Income from Other Sources. Exemption of 50% allowed on it.
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LalitKapoor
(Querist)
03 September 2017
There is an Act called, Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. Is anything contained under this act for the purpose of taxability as land acquired in 1998 , first compensation was received in 2004 and enhanced compensation was received in 2016?
LalitKapoor
(Querist)
03 September 2017
There is an act called, Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. Is anything contained under this act for the purpose of taxability as land acquired in 1998, first compensation was received in 2004 and enhanced compensation was received in 2016?
Amol S Joglekar
(Expert)
06 October 2017
year of enhanced compensation has NO bearing on its taxability.
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