Compensation from Buyer of Joint Family Property through Court
This query is : Resolved
18 March 2023
The assesse claimed compensation from Buyer of Joint Family Property.
Property owned by Grandfather was inherited by all 5 sons. One of the son sold the property without consent from others in 2012 & kept all the proceeds.
The assessee Holding 1/5th share demanded Compensation from the Buyer through Court & received compensation of Rs 25,00,000 from the Buyer of the said property.
What will be the Taxability of the assessee ?
Property owned by Grandfather was inherited by all 5 sons. One of the son sold the property without consent from others in 2012 & kept all the proceeds.
The assessee Holding 1/5th share demanded Compensation from the Buyer through Court & received compensation of Rs 25,00,000 from the Buyer of the said property.
What will be the Taxability of the assessee ?
18 March 2023
Need to verify the judgement, but in short -- being compensation for rights in the property, it will be taxable as capital gains.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Selecting Tax Regime while for calculating tax relief on under Section89 of income tax act 1961.
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Cloud service
- Sale of Gold ornaments
- Applicability of RCM on Frieght Inward supplies received from un-registered person
- GST on Fresh Juice Center(Sugarcane)
- GST ON FOREIGN CLIENT
- Can we issue an invoice today
- SALE OF GOODS FROM OTHER STATE
- Accounting Policies changes
- Forgot to update debit note in gst
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
