Compensation recd.
This query is : Resolved
27 March 2009
An assessee was using a property on rent from a builder of Rs. 100 p.m. The builder paid Rs. 750000/- to assessee as compensation to vacate the property..
Will it be taxable and under which head...
Will it be taxable and under which head...
27 March 2009
As the money received is a settlement, there will be no tax applicable on it.
27 March 2009
IF the assessee previously has right to occupancy then for transfer of such right he is taxable , and the COA will be amount paid for obtaining such right
27 March 2009
i support mr. manmohan
28 March 2009
I believe that in this case there is no involvement of right to occupancy. therefore the compensation recd is taxable as " Other Income"
28 March 2009
If there is no involvement of right of occupanct, then no transfer and it is a capital receipt & NOT taxable
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