Income tax on amount of compensation received from a builder
This query is : Resolved
17 January 2020
Respected Sir,
How to depict in ITR, The amount of compensation Rs 13 lakh received from a builder for not giving possession of a plot for which 50% amount was paid 7 years back. The compensation was allowed by the State consumer disputes redressal commission Whether it is income or capital receipt.
Regards
R K ARORA
How to depict in ITR, The amount of compensation Rs 13 lakh received from a builder for not giving possession of a plot for which 50% amount was paid 7 years back. The compensation was allowed by the State consumer disputes redressal commission Whether it is income or capital receipt.
Regards
R K ARORA
26 May 2020
Compensation received by flat owner from builder for hardship caused due to redevelopment of the building is a non-taxable receipt
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