ONE OF MY CLIENT SOLD AGRICULTURAL LAND IN THE YEAR OF 2011 AND THE COMPENSATION PAYMENT RECEIVED IN THE YEAR OF 2021 RS 882000/- AND INTEREST ARREAS RECEIVED IN THE YEAR OF 2023 RS 1566601/-.
THE INTEREST FROM 2011 TO 2023 IS ARREARS TAXABLE OR NOT TAXABLE TDS NOT DEDUCTED IN THE YEAR OF 2011 AND ALSO 2023
THIS ARTICLE IS TOO LONG TO DIGEST IN SIMPLE TERM THAT COMPENSATE AMOUNT OF AGRICULTURAL LAND DELAY IN PAYMENT SO THE GOVERNMENT (KIADB STATE GOVERNMENT) ISSUED INTEREST ON SUCH PAYMENT TILL 2023.
21 July 2024
The article was posted as you have not specified anything about agricultural land being rural or urban, compensation was enhanced or delayed. Conditions of awarding interest etc.
KIADB (KARNATAKA INDUSTRIAL DEVELOPMENT BOARD) ACQUIRED AGRICULTURAL LAND IN THE YEAR OF 2011 AND COMPESATE RECEIVED IN THE YEAR OF 2021 AND INTEREST RECEIVED ON 2023 DELAY IN PAYMENT.
COMPULSORY ACQUISITION IS EXEMPT FROM INCOME TAX BUT INTEREST ON DELAY IN PAYMENT OF COMPENSATION IS TAXABLE PORTION OR EXEMPTED.
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