What will be the Income Tax treatment of the rent, corpus fund (hardship compensation) and shifting charges paid to a society member by the builder during redevelopment?
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Tax treatment during redevelopment
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In the recent judgement, the Mumbai Income Tax Appellate Tribunal in the case of Jitendra Kumar Soneja v/s. ITO held following the earlier judgment of Tribunal in the case of Kushal K. Bangya v/s. ITOthat the compensation received by the owner of the resident flat in the society building is not taxable as the same is related to the Capital Asset and accordingly the same is outside the ambit of income u/s.2(24) of the Income Tax Act.
Read More: treatment-redevelopment-compensation-flat-owner
Also compensation-received-by-flat-owner-from-builder-for-hardship
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