Compensation received from govt on immovable property
This query is : Resolved
Querist : Anonymous
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,
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,
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.
.
.
If you are not carrying on any business, the amount is a capital receipt which is not taxable.
.
Message likes :
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Rajat Poddar
(Expert)
24 July 2013
AGREE WITH THE EXPERT....
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