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Interest received from govt. on agriculture land acquisition

ITR 592 views 2 replies
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GM - F & A in SAMCO
41 Points Posted on 12 August 2017

I have received the interest amount of Rs. 12 Lac from Haryana Urban Development Authority ( HUDA) against Interest for Land Acquisition 25 years back. 

I think the interest amount is for 25 years and it should be exempt. 

 

Pl. confirm that it will be exempt fully of partially in which section.

It taxable then in which section.

 

Regards

 

Naveen Kumar

9873492600

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On 12 August 2017 at 12:05 Report
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2 Points Posted on 12 August 2017
ISSUE 1 – Enhanced Compensation 45(5)

+    Enhanced compensation received by assessee during pendency of dispute before Court cannot be deemed to be his income for purpose of computation of capital gain in year of receipt, in terms of provisions of sec. 45(5). [Hari Kishan v. Presiding Officer (2008) 172 Taxman 219 (P & H)
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On 12 August 2017 at 18:27
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Article Student
357 Points Posted on 12 August 2017
Interest received on compensation or enhanced compensation is taxable as income from other sources[sec.56(2)(ix)] in the year in which it is received regardless of its accrual & deduction is available @ 50% on such amount of interest[sec.57(iv)].
No other deduction is permitted from such amount.
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On 12 August 2017 at 23:34


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