banner_ad

Income tax liability on compensation received from builder

Tax queries 1287 views 1 replies

Hi All,

I had purchased a plot in a gated community from a land developer in 2002 in Bangalore. As per sale agreement, he was supposed to develop amenities in layout. He did not do so I filed a consumer court case in 2008 against him asking for compensation as per sale agreement . Court gave a partial relief and directed to pay part of penality last year. Accordingly, I received part of compensation last financial year (i.e. 2014-15). It is less than 2 lakhs.

I would like to know whether I am liable to pay income tax on this amount.

Please let me know.

Thanks

 

 

 

Replies (1)

As per the Income tax Act any amount received as Compensation from Capital Asset should be taxable in Same Assessement under the head Income From Other Sources


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details