Dear Sir I got a land compensation with Interest for 25 years from HUDA ( Haryana Govt.) for Rs. 1200000 (200000 land cost arrear & 1000000 Interest). they have deducted Rs.100000 TDS. Now most of the CAs are saying that you have to pay income tax on Rs.1000000/- and balance have to pay which is payable after TDS. But in actually the interest is not for a year. It's for 25 years. So I think it should be exempt from TDS. Please tell me what to do and if any exemption please share some case studies. Thanks Read more at: /forum/income-tax-on-interest-from-govt-against-agriculture-land-414425.asp
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Interest exemption
Replies (2)
Hey hey, listen is this a case of compulsory acquisition?
if yes , then interest portion is taxable under income from other sources & a deduction to the extent of 50% is available on that portion.
if yes , then interest portion is taxable under income from other sources & a deduction to the extent of 50% is available on that portion.
Thnx Sir
Can you please confirm me in which section I have to claim exemption of 50% interest.
Are you sure that I will not get any demand against this???
Regards
Naveen Kumar
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