My Socety in Mumbai is under redevelopment. My flat is in my Father's name who is now 77 years old. Since 2004 he has had no income and hence has not been filing IT returns.
On account of redevelopment, he has now received Corpus amont and rent from the developer. The entire rent amount is being utilised towards the rent for the temporarty alternate accommodation. In the Development Rights Agreement, both these amoints have been mentioned as Hardship amounts.
My query is are these amounts taxable? If yes, how can it be saved?
Thanks
CAclubindia
