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Money recived form builder rent

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This query is : Resolved

CA KISHOR GEHLOT (Querist)

29 May 2012 I have property in mumbai which goes in redevelopment. Builder has given me Rs 18,50,000/- in F.Y 11-12 as rent form 1st April 2008 to 31st march 2012 But Builder is not give in writing the nature of payment.

Pls Suggest
1)How to Show Rs 18,50,000/- in my Income Tax Returns in A.Y 12-13.
2)Is there any way we can save the tax.

CA.Mini

CA.Mini (Expert)

29 May 2012 Will there be change in the existing structre after redevelopment.Is it a Joint venture where the property is allowed to be used at a price and later on a consideration the property is transferred to third parties.Or is it a case where the rent will be paid lifelong of the structure.If the builder pays as rent in the initial stage until it is developed and later the property is handed over to the landlord.treat as income from house property otherwise where the property is transferred to the builder at a consideration monetary or non-monetary it is capital gain

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