Income tax on amount of compensation
This query is : Resolved
RAMESH KUMAR ARORA
(Querist)
16 January 2020
How to depict in ITR,the following amounts received from a builder for not giving a plot.for which 50 % cost was paid more than 7 years back. The compensation has been allowed by State Consumer disputes redressal Commission,
Refund of amount with 12 % interest.Rs 1250550
punitative damagesRs.100000
Compensation for harrasment Rs. 20000
Refund of amount with 12 % interest.Rs 1250550
punitative damagesRs.100000
Compensation for harrasment Rs. 20000
Amol S Joglekar
(Expert)
16 January 2020
if you are of the opinion that these amounts are exempt, you can show it under the column of exempt income in the return of income.
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