capital receipt or revenue
This query is : Resolved
29 October 2010
A tresspasser while vacating the building received some amount.
Whether the amount is his Income or Capital receipt?
If Capital then any role of Capital gain is there or not?
Whether the amount is his Income or Capital receipt?
If Capital then any role of Capital gain is there or not?
29 October 2010
This is neither capital nor revenue receipts.
What do you mean by revenue receipt-is the tresspasser is doing ang business.
This is simply a casual income, which will be covered under residual head " income from other sources".
What do you mean by revenue receipt-is the tresspasser is doing ang business.
This is simply a casual income, which will be covered under residual head " income from other sources".
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30 October 2010
I agree with shailesh!
31 October 2010
Trespasser has created a right to enjoy the property (Does not matter legal or illegal from tax perspective). Receipt on vacating the property is capital receipt. Since capital receipt, please check whether the receipt is taxable OR not.
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