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Tax relief on builder-paid rent in redevelopment projects

The Income-Tax Appellate Tribunal’s (ITAT) Mumbai bench recently held that the rental compensation received from a builder due to a redevelopment project is not taxable in the hands of the former flat owner. ITAT adopted this stand even as the taxpayer, the former flat owner, had not taken another accommodation on rent but had moved in with his parents.

The Income-Tax Appellate Tribunal’s (ITAT) Mumbai bench recently held that the rental compensation received from a builder due to a redevelopment project is not taxable in the hands of the former flat owner. ITAT adopted this stand even as the taxpayer, the former flat owner, had not taken another accommodation on rent but had moved in with his parents. from Times of India https://ift.tt/2aN4fdv
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