Compensation Money
This query is : Open
06 October 2017
Dear Sir,Mam
My client received 2 lacs rupees compensation money from goverment so plz tell me it is taxable or not.
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06 October 2017
Compensation received for which purpose.....
06 October 2017
Mam for Shop submerge in Flood water.
06 October 2017
Depends on your other income ..... If all income is below 250000/- then not taxable.
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06 October 2017
Your means it is a part of income.
07 October 2017
Yes Compensation received is also your income from capital Gain...
07 October 2017
Mam plz clarify me but why this income shown in the head of captial gain, and also plz tell me how to calculate the capital gain.
07 October 2017
Mam... ?????????????????????
07 October 2017
Destruction of capital assets also considered as transfer under IT Act & conpensation received for same is your sales consideration.
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07 October 2017
Capital Gain calculated by deducting Indexed Cost of Acquisition from Sales Consideration i.e. Compensation.
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07 October 2017
Thnxx Mam appreciate the prompt response..
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07 October 2017
Welcome.......
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