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compensation / rent received against compulsory acquisition

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Practicioner
208 Points Posted on 13 June 2018
I have received amt from MMRCL for metro 3 purpose against compulsory acquisition. The receipt will be taxable as Income from HP as rent or will be termed as compensation. if compensation then what will be it's taxability.
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On 13 June 2018 at 15:45 Report
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SEO Sai Gr. Hosp.
211627 Points Posted on 13 June 2018

When was the property aquired?

Check if the aquisition is under RFCTLARR act?

How much TDS deducted?

581 Reply
On 13 June 2018 at 17:52
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Practicioner
208 Points Posted on 13 June 2018
property acquired by MMRCL in April 18 and TDS was not deducted .
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On 13 June 2018 at 18:10
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SEO Sai Gr. Hosp.
211627 Points Posted on 13 June 2018

Follow the notification...... if applicable, it will be tax-exempt

581 Reply
On 13 June 2018 at 18:57
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Practicioner
208 Points Posted on 13 June 2018
Sir, the acquisition is of land and the flats included and the rent is being received on flats so what will be the taxability. They are going to provide us with a new flat later on, till then they are paying us the rent which is expensed out by us as rent only.
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On 13 June 2018 at 20:16
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SEO Sai Gr. Hosp.
211627 Points Posted on 13 June 2018

When rent is already expended against compensation received, there will not be any taxability. But any excess amount received will be taxed under 'IFOS'

581 Reply
On 13 June 2018 at 20:21


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