Compensation for relinquishment of possession of land
This query is : Resolved
03 May 2018
A person received Rs. 350000 for relinquishment of right of possession before sale of property. He is only having possession of piece of land not title. that person having possession from over 30 years. ITO has allegedly made addition of Rs. 350000 to the income of the person. Now the case is under appeal. What are the grounds for relief in that case.
03 May 2018
relinquishment of rights in the property for a consideration it amounts to transfer under Section 2(47) of the Act and is liable to capital gain tax under Section 45 of the Act. i dont know A.O has considered it as other sources inome or capital gains.
03 May 2018
20% long term capital gains tax applicable. In case of agricultural land it is exempt.
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