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Interest received on govt land acquisition
(1)WE HAVE RECEIVED INTEREST ON CENTRAL GOVERNMENT ACQUISITION LAND FROM COURT IT IS TAXABLE OR EXEMPT ,(2)AND AMOUNT RECEIVED ON ACQUISITION LAND FROM CENTRAL GOVERNMENT IT IS EXEMPTION OR CAPITAL GAIN TAX IS APPLICABLE
Replies (1)
Capital gain tax is applicable u/s 45(5) for compulsory acquisition of land from central government.
Interest on compensation is taxable u/s 56(viii).
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