SUBSIDY RECEIVED IS TAXABLE OR NOT IN GODOWN CONSTRUCTION
This query is : Resolved
Income Tax Helpdesk
(Querist)
30 September 2020
SIR,
I HAVE RECEIVED SUBSIDY FROM NABARD FOR CONSTRUCTION OF RURAL GODOWN LAST YEAR. THE GODOWNS WAS LET OUT SINCE BEGINNING AND I AM SHOWING INCOME FROM HOUSE PROPERTY.
IS THE SUBSIDY IS TAXABLE OR NOT THIS YEAR??
PLEASE EXPLAIN AS I HAVE TO FILE RETURN FOR THIS YEAR.
I HAVE RECEIVED SUBSIDY FROM NABARD FOR CONSTRUCTION OF RURAL GODOWN LAST YEAR. THE GODOWNS WAS LET OUT SINCE BEGINNING AND I AM SHOWING INCOME FROM HOUSE PROPERTY.
IS THE SUBSIDY IS TAXABLE OR NOT THIS YEAR??
PLEASE EXPLAIN AS I HAVE TO FILE RETURN FOR THIS YEAR.
CA R SEETHARAMAN
(Expert)
01 October 2020
The subsidy is for construction of gowdown, which is a capital receipt not taxable.
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