Interest on compensation on acquisition of land: Tax Complexity
TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Section 145A(b) provides that interest received by an assessee on compensation or on enhanced compensation, as the case may be, shall be deemed to be the income of the year in which it is received. It is not at all dependant on the method of accounting followed by the assessee. Interest on compensation on acquisition of land: Tax Complexity Query 1] My query is taxability of interest received under Land Acquisition Act. I own a land at Mouja-Chinchbhuwan on Amravati road, Nagpur. While widening the high way, my agricultural land admeasuring 0.1853 H.R. was acquired by National Highway Authority of India (NHAI). The amount of compensation awarded to me was Rs. 29,741/- only. I filed a case under Arbitration. The case went in my favour and the Arbitrator awarded me higher compensation of Rs. 8,44,968/-. In addition to this, I received Rs. 84,496/- being 10% of compensation for loss of e...
Thanks for the nice blog. It was very useful for me. Keep sharing such ideas in the future as well. This was actually what I was looking for and I am glad to come here! Thanks for sharing such a valuable information with us Chartered Accountant in Delhi
ReplyDeleteFinding the best accounting solution in Surat was a game-changer for my business! The expertise and efficiency they offered have helped streamline our financial processes and saved us valuable time and resources. I highly recommend their services to any business in need of top-notch accounting assistance.
ReplyDelete