Income tax

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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)
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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

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)
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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

Querist : Anonymous (Querist)

02 February 2013 THANK YOU SIR.
HAVE A NICE DAY

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