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..?
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.
O P Bagla & Co LLP
New Delhi
CA Inter
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Aggarwal Sarawagi and Co
New Delhi
CA
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