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".
Message likes :
1 times
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Form 121-contradictory opinions
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
