Just a moment...

Report
FeedbackReport
×

By creating an account you can:

Logo TaxTMI
>
Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home / RSS

Surrendering Sub-Tenancy Rights: Capital Gain, Not Casual Income, Not Taxable u/ss 10(3) or 56 of Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Surrender of sub-tenancy right - capital gain v/s casual income - it cannot be treated as a casual and nonrecurring receipt under section 10(3) and subject to tax under section 56 of the Act. If the income cannot be taxed under section 45, it cannot be taxed at all. - HC....