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Income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 January 2013 I HAVE RECEVED CORPUS FUND AND RENT FROM BUILDERS FOR REDEVELOPMENT OF OUR HOUSING SOCIETY. WHAT WOULD BE TAX MY TAX LIABILITY ?
PLS SUGGEST.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
31 January 2013 Corpus Fund Amount is not taxable.
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Rent Received-amount utilised for rent=Taxable Income.
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Querist : Anonymous

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Querist : Anonymous (Querist)
01 February 2013 THANK YOU SIR,
ONE MORE THING, IN WHICH HEAD ABOVE RENT WILL BE TAXABLE?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
01 February 2013 The property is under demolition/ redevelopment , so you can not say that the said Income has been received from House Property.
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The Income received is taxable under the residual head of Income From ....Other Sources.
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U/s 57 Deduction can also be claimed.
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Querist : Anonymous

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Querist : Anonymous (Querist)
02 February 2013 THANK YOU SIR.
HAVE A NICE DAY
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