Hello Freinds, I stay in a Co-op Housing soceity at Sion & we have an offer from a builder to redevelop the building of our soceity and in lieu the builder has offered us additional space of 150 sq.ft. to each member & have agreed to pay the soceity an corpus of Rs. 1 Crores.
My question is that does the soceity have to pay Income Tax on this amout received as Corpus?
How to show it in Income Tax Returns?
Do we individual members have to pay any tax on the additional space received from the Builders?
How the members should show this additianal space received from the builders in their respective Income Tax returns?
CAclubindia
