Tax Treatment of Corpus Fund received From Builder

dhaval (Student CA IPC / IPCC) (24 Points)

08 August 2019

The builder has Deducted TDS of Corpus Fund U/S 194IC then Corpus fund is taxable or non taxable??

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (168976 Points)
Replied 09 August 2019

Its taxable u/h. capital gains; but at the time of receipt of Completion Certificate.

Kapadia Pravin (17259 Points)
Replied 09 August 2019

I think mutuality concept applies and hence may not be taxable in the hands of Co-operative Housing Society.

dhaval (Student CA IPC / IPCC) (24 Points)
Replied 10 August 2019

but the TDS has been deducted ?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (168976 Points)
Replied 10 August 2019

Yes, and the same can be carried forward during filing of ITR till its taxability.

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