ONE TIME PAYMENT FOR VACANT PLOT
This query is : Resolved
24 September 2009
SIR,
THE ASSEESSEE HAD ONE COMMERCIAL VACANT PLOT, NOW NARMADA NIGAM HAD FIXED THE UNDERGOUND PIPE UNDER THAT COMMERICAL LAND AND IN COMPENSATION THEY PAID RS. 1 LACS ONE TIME, AND HAD RESTRICTED THE ASSESSEE TO USE THE LAND FOR ANY PURPOSE BY WHICH THE UNDERGROUND PIPE CAN BE DAMAGED.
WHAT WILL BE THE TAX CONSECQUENCE OF THAT 1 LACS RS.
THE ASSEESSEE HAD ONE COMMERCIAL VACANT PLOT, NOW NARMADA NIGAM HAD FIXED THE UNDERGOUND PIPE UNDER THAT COMMERICAL LAND AND IN COMPENSATION THEY PAID RS. 1 LACS ONE TIME, AND HAD RESTRICTED THE ASSESSEE TO USE THE LAND FOR ANY PURPOSE BY WHICH THE UNDERGROUND PIPE CAN BE DAMAGED.
WHAT WILL BE THE TAX CONSECQUENCE OF THAT 1 LACS RS.
chetan soni
(Expert)
24 September 2009
treate this as capital receipt in & charge to tax as per normal rate of tax.
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