Income tax

The amount awarded by court, which is paid by developer of the property is treated as compensation for displacement because of redevelopment  of the property. Any excess amount received over the actual  expenses incurred due to displacement is taxable under Income from other sources.

So, list out your expenses during last 3 years under each head ....... and offer any extra amount received for tax assessment.

Thanks Dhirajlalbhai  for your valuable guidlines. My question is whether corpus, brokrage and transportations are taxable ? Rent is taxable  as i am staying in my own house and not paying any rent hence it is a  taxable income. I understand that corpus is paid as a hardship allowance and hence not taxable.

pl advise me

Regards

Rajanikant Raval

Yes, true; but check the court order....... as such no such clarification available from the data.....

Even brokerage and some estimated transporatation expenses can be availed.

Thank you very much for your prompt reply

Regards

Rajanikant Raval

You are most welcome...