Income tax

This query is : Resolved

Querist : Anonymous

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.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

31 January 2013 Corpus Fund Amount is not taxable.
.
Rent Received-amount utilised for rent=Taxable Income.
.

Querist : Anonymous

Querist : Anonymous (Querist)

01 February 2013 THANK YOU SIR,
ONE MORE THING, IN WHICH HEAD ABOVE RENT WILL BE TAXABLE?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

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

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2013 THANK YOU SIR.
HAVE A NICE DAY

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now