On acccount of my redevelopment certain lump sums of money was received by me as rent, part of corpus amount, shifting charges and brokerage ALL RECEIPTS FROM MY CONTRACT OF REDEVELOPMENT with the builder on which TDS was deducted. In my AIS/TIS these have been shown under Sale of land and Building and some amounts under business income.
I am given to understand that these amounts receivable are in the nature of compensation for hardship and corpus receipts are capital recceipts and hence they are not within the purview of my income of the financial year. TDS has been cut on the amounts received.
My question: How do i handle this in my ITR declaration and how do i communcate to the authorities that the bulk of the amounts received ARE not taxable to me and claim my TDS refund (which is of quite high value)
Do i just omit these amounts in the income i declare ?
Shoud i give feedback using the feedback option of the AIS ?
In short, what should i do in these circumstances?
(My only other incomes are from bank deposits etc and freelance part time lectures
Thank you
CAclubindia
