income taxable or not ??

shashin (Querist) 15 March 2011 This query is : Resolved
i had entered in the agreement of demolition of flat and receive the "hardship compensation" of Rs.10 lack. now then the builder gives Rs 10 thousands every month for rental up to 22 months.
-now i have a query that, the compensation received by me is taxable if yes,
-in which head whether capital gain or other sources ?
-the rent receive is use for the rent but Rs.8000/- p.m now rs. 2000/- is saved is it taxable?? or whole the 10,000/- will be taxable ???
pls give me your expert advice to pay advance tax ... thank you in advance >>>..

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soumitra basu (Expert) 09 April 2011
Answers :
Yes.
Capital Gain.
The whole amount is taxable.
You have to pay advance tax if tax is more than 10,000.

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