11 October 2017
Hello sir,
If an individual gets rupees 10lakhs RTGS in the FY 2017-18 as a competition for the court case on the sale of building from the seller party by mutual understanding. Then under what is the treatment of this transaction under the head capital gain?
11 October 2017
There was an family dispute about the particular property. The dispute was that the property was sold without the consent of a concerning party. So when court case came into force both party decided to solve the matter by mutual settlement. Therefore 10lakhs rs is the amount of settlement which will be transferred to the account of the other party. So will it attract any provision of income tax act. On the amount 10 lakhs which is an windfall gain. Please guide me sir.
12 October 2017
Long term or short term based on period of holding of the property by this assessee or the previous owner, in case of inherited property.
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