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Capital gain

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(Querist)
29 January 2016 what is the treatment of compensation paid on cancellation of allotment of flat? can it be a capital receipt?
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Abhishek gupta

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Abhishek gupta (Expert)
29 January 2016 Relenquishment of the right may amount to "Transfer of right to purchase flat " and thus liable to capital gain.
Can refer to the following link:
http://abhishekeaconsultacyservices.blogspot.in/2016/01/transfer-of-right-to-purchase-flat-as.html
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
30 January 2016 It is taxable under the head'income from other sources' w.e.f 1.4.2015. Pl see section 56.
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