Tax on compensation receivable
This query is : Resolved
ANIL SHARMA
(Querist)
17 November 2015
In case of construction business where in the land owner hands over his piece of land to the builder for development and a development agreement is made where the builders agrees to give x no of flats and x amount as compensation to the land owner, The builder would be giving bim the compensation amount after some years kindly let me know whether the amount would be taxed in the year in which the development agreement is made of in the year when actually recd in the hands of the land owner.
17 November 2015
It is highly debatable issue. There are many case laws on the same subject, some are in favor of assessee and some in favor of IT department. Please go through one article- "Landmark Judgements"written by Mr.Ruchir Srivastava in CACLUBINDIA
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