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ONE TIME PAYMENT FOR VACANT PLOT

This query is : Resolved 

24 September 2009 SIR,

THE ASSEESSEE HAD ONE COMMERCIAL VACANT PLOT, NOW NARMADA NIGAM HAD FIXED THE UNDERGOUND PIPE UNDER THAT COMMERICAL LAND AND IN COMPENSATION THEY PAID RS. 1 LACS ONE TIME, AND HAD RESTRICTED THE ASSESSEE TO USE THE LAND FOR ANY PURPOSE BY WHICH THE UNDERGROUND PIPE CAN BE DAMAGED.

WHAT WILL BE THE TAX CONSECQUENCE OF THAT 1 LACS RS.

24 September 2009 treate this as capital receipt in & charge to tax as per normal rate of tax.



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