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enhancement received
dear sir my client has received enhanced compensation on the acquisition of agriculture land situated within the municipal limits. TDS @ 10% has been deducted from the compensation amount. now i want to know that whether the compensation with interest amount received is tax free or not and how we can claim refund of the TDS. thanks
Replies (4)
Sir if the assessee is an individual or HUF used the land for agriculture purposes for preceding 2 years then the capital gain is exempt under section 10(37) subject to conditions that the consideration is received from govt.
But interest for delay compensation is taxable under IFOS after 50% deduction.
But interest for delay compensation is taxable under IFOS after 50% deduction.
Thanks sir
But charted tell me a decision released by Supreme Court that now interest is exempt
But charted tell me a decision released by Supreme Court that now interest is exempt
If the judgement is applicable in our case then you can claim the exemption benefit.
Please let me know the name of the case.
Please let me know the name of the case.
Case Name : ITO Vs Shri Basavaraj M Kudarikannur (ITAT Bangalore)
Appeal Number : ITA Nos. 1747 & 1750/Bang/2017
Date of Judgement/Order : 01/06/2018
Appeal Number : ITA Nos. 1747 & 1750/Bang/2017
Date of Judgement/Order : 01/06/2018
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