22 January 2020
One tenant received Rs 20 lac from developer/building owner as her tenancy dismissed by them and give her compensation rupees 20 lac. Now the question is that compensation can be treated as her income and what is the tax liability as she received compensation in 3 cheques .Now she has no income but she has capital assets i.e.20 lac received form the developer. How she survive by not paying any tax to Government? This compensation can be treated as long term capital gain? Can she invested the amount in Government bond to get relief from tax burden?
CAclubindia
