Query regarding redevelopment of Property
This query is : Resolved
01 March 2022
Please help me with the following matters
1. Hardship money received from developer in case of redevelopment is taxable or not? Also how to record the same in tally?
2. Rent received for alternate accommodation in advance taxable or not? Also if taxable under which head? Income from House property or IFOS? (Rent received from developer is not spent on any other alternate property)
Thanks in advance
1. Hardship money received from developer in case of redevelopment is taxable or not? Also how to record the same in tally?
2. Rent received for alternate accommodation in advance taxable or not? Also if taxable under which head? Income from House property or IFOS? (Rent received from developer is not spent on any other alternate property)
Thanks in advance
01 March 2022
1. Not taxable..... Hardship allowance from developer is a capital receipt: ITAT Indore
2. Taxable u/h. IFOS, if not spent for alternative accommodation.
2. Taxable u/h. IFOS, if not spent for alternative accommodation.
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01 March 2022
1. Please let me know the Tally entry for the point 1
2. Rent received (advance for 2 years) entirely would be taxable or on pro rata basis?
2. Rent received (advance for 2 years) entirely would be taxable or on pro rata basis?
01 March 2022
1. Open a ledger under capital account, as "hardship allowance receipts" and credit the amount to it as and when received.
2. Its taxable on pro-rata basis.
2. Its taxable on pro-rata basis.
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