Receipt of 75% of principal from the closed chit fund company - Accounting thereof - Reg.
This query is : Resolved
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.
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.
2. The receipt amount of 75% from the advance given to chit fund in 2001 is not taxable.
05 June 2023
Much obliged for the response of Learned Expert Dhirajlal Rambhia.
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05 June 2023
You are welcome.
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