Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 March 2013
One of our client sold land in FY 10-11 and booked capital gain for the same, but in FY 11-12 some dispute arise between both the parties regarding land sold and our client had to compensate the buyer in FY 11-12.
So please guide me what will be the tax treatment for the compensation paid?
So please guide me what will be the tax treatment for the compensation paid?
08 March 2013
dear..
study the case law judgement in case of V.S.M.R Jagdish chandran and K.R. Srinath.
the crux of both the cases is that if amount paid related to any such hardship/incumbance/obligation/any thing else which has been created by the assessee, then the same is dead loss and if the same is done by the previous p=owner and assessee has to pay regarding such obligation etc. then it amounts to improvement of an asset.
study the case law judgement in case of V.S.M.R Jagdish chandran and K.R. Srinath.
the crux of both the cases is that if amount paid related to any such hardship/incumbance/obligation/any thing else which has been created by the assessee, then the same is dead loss and if the same is done by the previous p=owner and assessee has to pay regarding such obligation etc. then it amounts to improvement of an asset.
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