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compensation / rent received against compulsory acquisition
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.
Replies (5)
When was the property aquired?
Check if the aquisition is under RFCTLARR act?
How much TDS deducted?
property acquired by MMRCL in April 18 and TDS was not deducted .
Follow the notification...... if applicable, it will be tax-exempt
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.
When rent is already expended against compensation received, there will not be any taxability. But any excess amount received will be taxed under 'IFOS'
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