Capital gains
This query is : Resolved
16 December 2012
Sir-
If the assessee has occupied vacant land, then later on the owner of the land came to know that his land was used by the assessee.even though the assessee was not paying any rent or so.
The owner had paid a lumpsum amount to the occupancy to vacant his land.
Whether such amount is taxed under capital gain ? under which section can the assessee claim the exemption benefit, if so?
thanks and regards,
If the assessee has occupied vacant land, then later on the owner of the land came to know that his land was used by the assessee.even though the assessee was not paying any rent or so.
The owner had paid a lumpsum amount to the occupancy to vacant his land.
Whether such amount is taxed under capital gain ? under which section can the assessee claim the exemption benefit, if so?
thanks and regards,
18 December 2012
this is a transfer of possessional right and attract capital gain. benefit u/s. 54 and 54EC is available.
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