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Compulsory aqusition of land ?
Govt. compulsory aqusition of land second time compensation received taxable or not .
Replies (3)
Quick Summary
YES , enhanced compensation is taxable in the YEAR in which it received . (Under Head CG)
Important Note : Interest on Enhanced Compensation is taxable under head OTHER SOURCES after standard deduction of 50% (FLAT)
Important Note : Check whether it is installments of INITIAL COMPENSATION OR ENHANCED COMPENSATION ?
If it is installments of INITIAL COMPENSATION then WHOLE INITIAL COMPENSATION is taxable in the year when first installments is received .
Otherwise , if it is ENHANCED COMPENSATION then it taxable in the year in which it is received .
If I'm not wrong, enhanced compensation should be taxed as capital gains and only interest on enhanced compensation is taxable under IFOS. CORRECT ME if I'm wrong
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