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Taxability of interest paid on enhanced compensation for compulsory acquisition of land.
whether interest paid along with enhanced compensation in case of compulsory acquisition of land (agricultural or non agricultural)taxable or exempt ?
Replies (1)
Hello Shashank,
Irrespective of agricultural or non-agricultural land, the interest received by an assessee on any compensation or on enhanced compensation, as the case may be, shall be deemed to be the income of the previous year in which it is received and same shall be taxable under income from other sources. Further, there is deduction of 50% thereagsinst and balance only shall be liable to tax.
Regards,
Manoj
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