Receipt of 75% of principal from the closed chit fund company - Accounting thereof - Reg.

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vasudevan v (Querist)
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05 June 2023 Respected Experts, I had invested a sum of Rs.6,30,000/- in a chit fund in the year between 2000-2001. The chit fund company was closed in the year 2003-2004. The High Court has appointed a retired Judge to disburse 75% of the principal amount as per the settlement entered between investor association and chit fund. Hence, I had got a sum of Rs.5,05,000/- by way of electronic transfer into my account during the FY 2022-23. Whether I am taxable for the receipt? I am an IT assesse and filing IT returns since 1996-97. I am filing only saral form for my income from properties let out for rent. If the amount can be exempted, the section and form under which I can clam the exemption. Please guide me. Thanks in advance with anticipation.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 June 2023 1. If the rental income is from more than one property, you cannot file Saral ITR, need to file ITR 2.
2. The receipt amount of 75% from the advance given to chit fund in 2001 is not taxable.

vasudevan v

vasudevan v (Querist)
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05 June 2023 Much obliged for the response of Learned Expert Dhirajlal Rambhia.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 June 2023 You are welcome.

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