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Taxability of interest received on compulsory acquisition
My query is taxability of interest received under Land Acquisition Act. I own a agriculture land at rural area. While widening the high way, my agricultural land was acquired bygovernment. The amount of compensation awarded now aling with interest from the 1992, is taxable or not?
Replies (2)
interest would be taxable
will be taxable. But you will get a 50% deduction on the interest amount. Refer section 56.
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