Compensation from Buyer of Joint Family Property through Court
This query is : Resolved
18 March 2023
The assesse claimed compensation from Buyer of Joint Family Property.
Property owned by Grandfather was inherited by all 5 sons. One of the son sold the property without consent from others in 2012 & kept all the proceeds.
The assessee Holding 1/5th share demanded Compensation from the Buyer through Court & received compensation of Rs 25,00,000 from the Buyer of the said property.
What will be the Taxability of the assessee ?
Property owned by Grandfather was inherited by all 5 sons. One of the son sold the property without consent from others in 2012 & kept all the proceeds.
The assessee Holding 1/5th share demanded Compensation from the Buyer through Court & received compensation of Rs 25,00,000 from the Buyer of the said property.
What will be the Taxability of the assessee ?
18 March 2023
Need to verify the judgement, but in short -- being compensation for rights in the property, it will be taxable as capital gains.
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