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Q. > Please Help: Income Tax
one of my client booked a plot in Improvement Trust and paid the entire sales consideration in prescribed installments. After payment of all installments a plot was allotted to him vide allotment letter but Trust failed to give possession to my client even after 5 years of allotment. My client filed suit against trust and court ordered refund of full amount with interest. full Amount along with Interest @ 12% for 7 years is refunded in Financial Year 2022-23. whether it will be taxed under Income from other sources and Can any relief be taken against interest income? whether it can be taxed as compensation and deduction be claimed against it of 50%.
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Ashish
10-May-2023 , 12:14:09 pmAccording to sec 57(iv) namely in the case of income of the nature referred to in clause (viii) of sub-section (2) of section 56, a deduction of a sum equal to fifty per cent of such income and no deduction shall be allowed under any other clause of this section and according to clause (viii) of sub-section (2) of section 56 income is chargeable under Income from other sources income by way of interest received on compensation or on enhanced compensation referred to in 12[sub-section (1) of section 145B and according to section 145B(1) Notwithstanding anything to the contrary contained in section 145, the interest received by an assessee on any compensation or on enhanced compensation, as the case may be, shall be deemed to be the income of the previous year in which it is received. in section 145b the word any compensation can be referred and can claim deduction of 50% on interest Income