Saturday, September 1, 2018

Liquidated damages received from builder for relinquishment of right in constructed area would from part of LTCG

IT: Where on builder's failure to complete construction of commercial complex within prescribed time, allotment of built up area in favour of assessee was cancelled liquidated damages, received along with consideration were to be taken into account while computing long term capital gains

from www.taxmann.com Latest Case Laws https://ift.tt/2wBn8LL

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...