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Income due to building redevelopment and tax

Tax queries 574 views 2 replies

Respected Sir/Madam,

Due to redevelopment of the society building I have received some corpus fund, rent compensation for alternate house (as original building is no longer there) and funds towards expenses like transportation (material movement & agent brokerage) from the builder.

I suppose corpus is tax free and rent is taxable but what about funds received towards minor expenses like transportation. Request you to confirm.

Thanks

Replies (2)
I hv received some corpus fund but it's not acceptable. corpus is tax free.
Funds for transportation (material movement & agent brokerage) from the builder is taxable under income from other sources. however you can corresponding expenses imcurred as a deduction


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