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.
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
- Taxability with reference to DTAA
- TDS on Bank charges to company
- Residential Status of Assessee
- TDS on payment of Event fees to foreign Party
- Capital Gain on sale of Listed Equity Shares
- Regarding TDS 194Q w.e.f 1 April 2025
- Forms to be file after INC 20A
- STCG on equity shares/ETF-sundeep
- Fixed Deposit through NRO Account
- TDS Rent 94I
- Invoice raised in March and Stock Received In April which date important
- Outside doctors fee in P&l Account
- Capital gain on share swap
- Regarding TDS return 27Q (NRI Property TDS)
- Companies law Dividend
- Clarification on GST Credit Note Rejection and Return Adjustment
- Fourth Qtr 24Q return Rejected by Traces
- FORM-RED-11
- Companies law Appointment of CS
- GST Input & GST Output in same company with two different GSTIN
Trending Online Classes
CAclubindia
