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Compensation recd.

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(Querist)
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...
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
27 March 2009 As the money received is a settlement, there will be no tax applicable on it.
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
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
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
27 March 2009 i support mr. manmohan
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Sanjay Soni

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Sanjay Soni (Expert)
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"
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
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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