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Corpus fund on redevelopment taxable ?
we will be receiving a corpus fund on redevelopment of our society. will it be taxable ?? Under which head ??
Replies (1)
On the basis of the decision of the Bombay Tribunal in the case of Lohtse Co-operative Housing Society Ltd vs Seventh Income-tax Officer reported at 51-ITD-608, the said corpus fund received by you is in the nature of capital receipt, & hence NOT TAXABLE.
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