Capital gain or income from other sources
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 July 2015
One of my friend booked a flat with a construction company and paid 85 lakhs. Later as they have not handed-over the property on time. He filed a case in the court and got some money return back say 1 crore ten lakhs(as some amt as compensation) and he paid lawyer fees and court fees of 12 lakhs nearly. there is a profit of 8 lkahs approx.
Is it a capital gain or Income from other sources.
Is it a capital gain or Income from other sources.
09 July 2015
Income from Other Sources. Justifications are:-
1. You do not own a 'Capital Asset'.
2. You have not transferred any capital asset.
Also, you may deduct the expenses and show the balance as income.
(Sec 28, income from business or profession does not specically covers this)
1. You do not own a 'Capital Asset'.
2. You have not transferred any capital asset.
Also, you may deduct the expenses and show the balance as income.
(Sec 28, income from business or profession does not specically covers this)
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