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Compensation received from govt on immovable property

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 July 2013 Dear Sir ,
I have received compensation from the State Govt for Flood [water]. Where such amount received shall be chargeable and under the which head of income of 5 heads of Income

Kindly clarify at earliest.

Thanking you,
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
24 July 2013 If you show any loss from flood adjust the amount against the losses.
.
If you are not carrying on any business, the amount is a capital receipt which is not taxable.
.
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Rajat Poddar

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Rajat Poddar (Expert)
24 July 2013 AGREE WITH THE EXPERT....
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