Tax implication in case of redevelopment of building

CA CS CIMA Prakash Somani (Landmark Group) (23502 Points)

29 September 2008  

I want to know tax implications in below cases:

1. Our building is under redevelopement and builder shifts us to another house for which we are paying rent and getting reimbursment of the same. So what is treatment of Rent recd from the redeveloper??

2. We also got corpus fund of Rs 200000/- each member, wht is the treatment of the same???

Whether both are taxable incomes?

Do provide the section reference.

Thank you in advance.