Poonawalla fincorps
Poonawalla fincorps

Taxability of surrender of tenancy rights

This query is : Resolved 
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(Querist)
09 July 2018 Surrender of Tenancy Rights is transfer of capital Asset and laible to capital Gain

Further, COA will be NIL.

The issue is the original tenant is dead.

And Compensation received by his legal heirs.

Please suggest whether it will be taxable in the hands of legal heirs or exempt treating it as casual/non-recurring income u/s 10(3)
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sofi gowher

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sofi gowher (Expert)
13 July 2018 TAXABLE IN THE HANDS OF LEGAL HEIRS.AS CAPITAL ASSET IS SUCCEDED IN THE FORM AND NATURE OF CAPITAL ASSETS IN THE HANDS OF LEGAL HEIRS.

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