Rent Compensation
This query is : Open
06 December 2010
One of our client owning an office in a commercial building is going for re-development. Our client would get Rs.20,000/- per month as dishousing compensation - for acquiring temporary alternative accomodation for a period of 33 months. Since our client owns one more office he doesnt need an alternative accomodation. Our question is should this income of Rs.20,000/- p.m. be treated as rent income. If yes. the property is not let out. What we are getting is for acquiring an alternate accomodation. If it is income from HP. Can we claim deduction U/s. 24(a)?
If not, should this be treated as income from other sources as there is no letting out of the property?
If not, should this be treated as income from other sources as there is no letting out of the property?
07 December 2010
I think this is misc. business income, which has been paid on account of additional expenses due to dislodgement.
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