https://www.taxtmi.com/article/detailed?id=11162 The issue concerns whether amounts paid to a society member under a redevelopment agreement-labelled hardship compensation and distributed from the developer's aggregate consideration on surrender of an old flat-are capital receipts or taxable income. Payments made to offset inconvenience on redevelopment, received pursuant to the contractual scheme, operate to reduce the cost of the asset acquired and thus are capital in nature, to be accounted for when computing capital gains rather than taxed as income from other sources. en-us Thu, 02 Mar 2023 10:06:43 +0530 Thu, 02 Mar 2023 10:06:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11162 The issue concerns whether amounts paid to a society member under a redevelopment agreement-labelled hardship compensation and distributed from the developer's aggregate consideration on surrender of an old flat-are capital receipts or taxable income. Payments made to offset inconvenience on redevelopment, received pursuant to the contractual scheme, operate to reduce the cost of the asset acquired and thus are capital in nature, to be accounted for when computing capital gains rather than taxed as income from other sources. Articles Income Tax Thu, 02 Mar 2023 10:06:43 +0530 https://www.taxtmi.com/article/detailed?id=11162