Income tax liability on compensation received from builder

1302 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

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
06 July 2026
Accountant

Agarwal Anoop and Associates

Noida

CA Final

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 27 June 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 28 June 2026
Article Assistant

Sharma Chetan And Company

Gurgaon

CA Inter

View Details
Company
25 June 2026
AUDIT MANAGER

JDAS & ASSOCIATES

New Delhi

CA

View Details
Company
11 July 2026
CA Inter, CA Intermediate, CA IPCC, CA CPT , CA SemiQualifie

Vakilsearch.com

Chennai

CA Inter

View Details