Compensation for not purchasing property
This query is : Resolved
21 May 2015
Any compensation received from the second party to whom a flat is to be sold. But the same was not purchased by second party due to certain reason and he cancel the said transaction.Does any compensasion and interest received by seller is to be treated as capital receipt....? If yes, it is long term or short term and can be eligible for exemption u/s 54.
22 May 2015
It is not a capital receipt eligible for exemption u/s 54.
It is a revenue receipt taxable as income from other sources.
It is a revenue receipt taxable as income from other sources.
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