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Vikram Bhat (Consulant)     24 February 2021

Is refund received from property developer taxable?

I had purchased a plot under development in March 2017 by paying an initial amount.The date of handover of project was August 2017. However due to delay, project was handed over in November 2019. As a compensation, the developer refunded Rs. 2,26,000 at the time of registration with 10% TDS deducted. Is this amount taxable? If not, which section for exemption?

Thanks.



 1 Replies

Josh

Josh (Manager)     24 February 2021

In my opinion it will be taxed as income from other sources.


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