Compensation received for cancellation of property
This query is : Resolved
28 February 2020
Compensation amount of Rs.16441000+(interest of Rs.14152365) received for cancellation of property due to litigation whether taxable as capital gain, if it is taxable as capital gain under which section it is taxable, since agreement of sale entered and in Financial statement it is shown as capital work in progress . My client receives amount of Rs.16441000 which he paid intially through cheque above to that he is getting interest of Rs.14152365 which excluding TDS @11.96% whether this interest is taxable, if it is taxable under which section taxable . Kindly guide us
28 February 2020
This amount is taxable under income from other sources.
29 February 2020
Interest amount will be taxable as other source income but compensation amount taxable under which head and which section it is taxable
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