10 June 2024
I shown full amount of LTCG in fy2012-13,though I received rs.10 lac less due to some condition in the agreement. But A.O. asked to declare full amount and deposited in NHAI for 3 years then. those ten lacs I am due to receive now .should it be redeclared ? if yes how? what about tax on it.?
13 June 2024
so no need to mention anywhere in ITR ? As my mother passed away two years before, I will receive around 3.5 Lacs as my mothers 1/3rd share along with above said my share. how to mention in ITR? will it attract any Tax? Further developer wants to compensate for 12 years delay in form of hardship compensation. does this amount attract any tax? if yes how to go about it in another way, safe way to attract no tax or minimum tax? This is a reconstruction of old buildings project in MHADA , Mumbai.
13 June 2024
No tax on receipt of both share of money. No need to show it in ITR. Adjust hardship compensation against building cost no need to pay any tax.
13 June 2024
Sir, Thanks for the Advice. could not follow your last line, kindly Please elaborate .( I am not spending for the building cost.The redeveloper spends.)
13 June 2024
In such a case the compensation is normally paid by the builder on account of hardship faced by owner of the flat due to displacement of the occupants of the flat. The said payment is in the nature of hardship allowance / rehabilitation allowance and is not liable to tax
14 June 2024
("The original agreement was done in 2012 for the said property . Part of money Rs.10,31,250/- was with held as per terms of the agreement. There was a lapse/default of 12 years in commencement of the project by developer. Thus there is a delay in paying the said Rs.10,31,250/- to the beneficiary. The property capital value has gone up in the subsequent twelve years till date. The difference in value of property amounting to Rs.55 lacs is payable now to the beneficiary Mr.XXXXXXX.") I have drafted the above clause to include in the MOU to be done in few days. the clause is drafted by me so that the monies 55 lacs coming to me can be put under section 54EC of capital gains. please confirm that this clause will get me that CG benefit. Other point I want to ask you Sir, is whether I can avail Capital Gains again now. I availed it in 2012-13 before. suggest any modifications for above clause which you may deem fit.
18 June 2024
I understand I cannot take advantage of sec 54EE again now. i had availed it in 2012-13 for same property .Am I right?. what are the alternatives to save huge 30% tax in above case.
CAclubindia
