Please Help: Dear Respected Members

Posted Date : 27-Apr-2012 , 11:31:11 pm | Posted By Vikash Kumar Jha

Can anyone tell me that, why a weighted deduction of 50% is received on the income u/s 56 (2)(vii), i.e. interest received on the enhanced compensation in case of compulsory land acquisition?

Category : Income Tax | Answers : 3 | Comments : 1 | Hits : 225

Answers

Answer By: CA Satuti Mahajan

This is not an easy to get an enhanced compensation, a person has to met a lot of litigation expenses as well, so in order to cope up all these, a weighted deduction of 50% is given.

Answer By: Rishabh Upadhyay

To make the law straight forward, 50% deduction is allowed bcoz Income Tax Act says so. The day provisions are change the % will also be changed. Logic do not always derive the law.

Answer By: CA Richa Gupta

yes u will get deduction