Cosideration Recd. under Tenancy Right

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 June 2011 Dear Sir,
My client has recd Rs. 8 cr. in tenancy right in previous yearfor which no cost was incurred at the time of aquisition . I just wanted to know that whetthe that receipt is chargible under income tax. if yes whether loss from business can be set off against that receipt.

Iam in very urgent so please help me.

Pravin Singh

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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06 June 2011 gains arising on transfer of tenancu rights are chargeable to cap gains tax
in this case entire sum recd will be charged to tax
loss fm business can be adjusted against the CG if the business is not one being speculation business and the loss is not a brought forward one

CA MANOJ GUPTA
JODHPUR
09828510543

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2011 a lot of thanks to you sir jee.

pravin singh aca

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