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        Case ID :
        Income Tax

        If the taxpayer sells a security on the 30th day of April 2017. The interest payment dates are December and June. The actual date of receipt of interest is on the 30th day of June 2017 but the interest on accrual basis has been accounted as income on the 31st day of March, 2017. Whether the taxpayer shall be permitted to claim deduction of such interest i.e. offered to tax but not received while computing the capital gain.

        28 August, 2017

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        Manual - ICDS IV : Revenue Recognition

        Yes, the amount already taxed as interest income on accrual basis shall be taken into account for computation of income arising from such sale.

         

        Accrual basis interest recognition: interest taxed on accrual must be included when computing capital gain from subsequent sale. Where interest has been accounted as income on an accrual basis before the sale of a security, the amount already taxed as interest income on accrual basis shall be taken into account for computation of income arising from such sale.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Accrual basis interest recognition: interest taxed on accrual must be included when computing capital gain from subsequent sale.

                              Where interest has been accounted as income on an accrual basis before the sale of a security, the amount already taxed as interest income on accrual basis shall be taken into account for computation of income arising from such sale.


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