Please Help: Dear Respected Members
Posted Date : 27-Apr-2012 , 11:31:11 pm | Posted By: Vikash Kumar Jha
Category :
Income Tax | Answers :
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Comments :
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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?
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Answers:
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 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.
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| 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.
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| Answer by: CA Richa Gupta |
| yes u will get deduction
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