INCOME TAX ON CORPUS FUND RECEIVED FROM BUILDER

[SUMEDH AYARE]

Dear Sir

Mhada Colony in Mumbai going for redevelopment. Builder is giving corpus fund Rs.25,00,000/- per member (individually in the hands of member).

I want to know whether any tax attracts or is there any exemption.

If it is taxable what is the rate of tax and under which head.

How to save the tax in the hands of individuals ?????????

Regards

Sumedh 

AI Summary

Inquiry on Tax Implications for Rs. 25,00,000 Corpus Fund from Builder in Redevelopment Project A member of a redevelopment project in Mumbai is inquiring about the tax implications of receiving a corpus fund of Rs. 25,00,000 from a builder. They seek clarification on whether this amount is taxable, the applicable tax rate, the relevant tax category, and potential tax-saving strategies. A respondent asks if the query has been resolved, indicating a need for further discussion or clarification.