Income tax :- capital gains : surrender of illegal occupancy of primises
Aryan Blhola Krishnoo (Self Managed) (33 Points)
25 October 2016Aryan Blhola Krishnoo (Self Managed) (33 Points)
25 October 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160835 Points)
Replied 26 October 2016
Recent court judgements, have declared the sum received as capital gain with cost of aquisition as zero (if no actual value acertained). The capital gain, if long term, can be exempted upto the value invested into any residential property.
Aryan Blhola Krishnoo
(Self Managed)
(33 Points)
Replied 27 October 2016
Thank you very much .. Sir..
Kind Regards
CA Aryan Bhla Krishnoo
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160835 Points)
Replied 27 October 2016
May refer following judgement, for your case study:
1. 1994 205 ITR 9 Cal, Commissioner Of Income-Tax vs Smt. Lila Ghosh for mesne profits over illegal occupation.
2. 1984 147 ITR 676 Mad, CIT vs. P. Mariappa Gounder
For compensation paid on surrender of illegal occupancy : I.T.A.No. 5295/Del/2012 Archa Sharma Vs. ITO