Treatment of Corpus Fund received by members in redevelopmen

Ravi (Querist) 03 April 2010 This query is : Resolved
Hi, My building would be going into redevelopment in the near future. We are thinking of distributing the corpus fund received from the builder amongst the members.I would like to know whether it would taxable in the hands of individual member under the Income Tax Act?
Your early reply is appreciated.

Follow Query

Report Abuse

adv. rajeev ( rajoo ) (Expert) 03 April 2010
Corpus fund any how you are distributing amongst the family members, so it amounts to income from other source as such it is taxable, if your income is below taxable including this then need not worry about the income tax.

adv. rajeev ( rajoo ) (Expert) 03 April 2010
In my opinion it is not taxable because you have used a word corpus it is to be interpreteted. If it is treated as capital gain then you will have to the tax to save this you will have to invest in the capital gain scheme.
Wait for the answers of the other learned members.

soumitra basu (Expert) 04 April 2010
This is fully taxable as capital gain in the hands of the members.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries