Compensation received from government contractor
This query is : Resolved
18 March 2019
In Gujarat for the purpose of fulfillment of Sauni Yojna, government installing very huge pipelines through government contractors.
Compensation is paid by the contractor in respect of
- Growing crop
- Any Building
- Bore-well or Deep-well etc..
or against any damage to the person to whom any such damages occurred.
What will be tax treatment for such amount received for compensation only and not for acquisition? Will it be taxable or non - taxable?
Compensation is paid by the contractor in respect of
- Growing crop
- Any Building
- Bore-well or Deep-well etc..
or against any damage to the person to whom any such damages occurred.
What will be tax treatment for such amount received for compensation only and not for acquisition? Will it be taxable or non - taxable?
18 March 2019
* Growing crops - Agrl. income being compensation for revenue loss.- exempted
income.
* Any Building - Capital receipt.- non taxable.
* Bore well/deep well - Capital receipt.- non taxable.
income.
* Any Building - Capital receipt.- non taxable.
* Bore well/deep well - Capital receipt.- non taxable.
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