Taxability on Property income

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..... Taxability on Property income
Query (Issue) Started By: - HARSHA JOSHI Dated:- 5-6-2009 Last Reply Date:- 7-6-2009 Income Tax
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Income Tax
A person has received Rs. 16 lacs from .....

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..... the developer of the property in which he stayed for more than 65 years.(ancestoral property)towards surrendering his Tenancy Rights in the said House. There was a meagre amount might have been paid .....

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..... under a 'old Paguri system'by the late grandfather of the assessee. figure is not known to the assessee but he has spent appx. 5 lacs in all these years twds. major repair. kindly advise on the taxabi .....

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..... lity of the receipt of Rs. 16 lacs being amount recd. on surrender of tenancy rights of the residential house. if taxable under the head cap. gain, indexation benefit on which amount is permissible? i .....

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..... f as a income from other sources, deduction of amt spent is permissible? Reply By Dinesh Gupta: The Reply: Before that, you may visit the supreme court decision reported in 2008 -TMI - 6153 - SUPREM .....

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..... E Court in which it was held that surrender of tenancy right is not subject to tax.
Discussion Forum - Knowledge Sharing .....

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