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Rural Agricultural Land
One of my friend received Interest income on enhanced compensation awarded against rural agricultural land compulsory accquired by govt. and interest amount is 10 lakh.
In govt. order it is mentioned that petitioner shall also be entitiled to all satutory benefits as prescribed under Section 23 (1-A), 23(2) and 28 of Land Acquistion Act.
Please advice the above interest will be taxable or not.
With supporting case law because govt has dedcuted tds on it @ 10% flat
Thanks and Regards
Rahul Verma
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Interest income on enhanced compensation of rural agricultural land
Replies (2)
Interest received on enhanced compensation is taxable as Income from other sources as per section 57(iv) read with 56(2)(viii). However, compensation amount received by any assessee, in case of rural agricultural land, which is acquired by way of compulsory acquisition, is exempt under section 10(37).
| Originally posted by : manu | ||
 |
Interest received on enhanced compensation is taxable as Income from other sources as per section 57(iv) read with 56(2)(viii). However, compensation amount received by any assessee, in case of rural agricultural land, which is acquired by way of compulsory acquisition, is exempt under section 10(37). |  |
I also agree @ Manu Ji
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