09 September 2015
Q.1 I am a tenant of a residential flat since 1991. Now, the Landlord has entered in to a JV with a developer. The both has offered me compensation against surrender of my tenancy. The compensation amount is about 10 lacs. What will be my Tax liability on the said amount. Q.2 Also I bought a flat 11 months ago and has taken Housing Loan. Can this compensation amount of 10 lac be adjusted against the cost of Flat, which I bought 11 months ago. Q.3 If I buy a new Flat within 3-4 months , Can this compensation amount of 10 lac be adjusted against the cost of Flat If possible some case laws be arranged.
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