Automated Data Entry into Tally, Zoho Books, Quickbooks Certificate in Quantitative Finance

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 ?

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

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


Automated Data Entry into Tally, Zoho Books, Quickbooks Certificate in Quantitative Finance Program
Advanced Level Course on GST Returns and ITC Issues with CA Abhishek Raja Ram


Follow us


Answer Query