interest on enhanced compensation received for acquiring of urban land
rupees 50,000.
In above case an assessee can take deduction? and upto the rate of deduction is allowed..?
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Others source income
Replies (2)
50% deduction is available
1. Income by the way of interest received on compensation or enhanced compensation will be subject to tax u/s 56(2)(viii).
2. As per sec 57(iv) deductions to the extent of 50% on the interest amount received will be available and no other deductions will be available.
Please correct me if the above solution has an alternative view.
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