Cheque amount received in transfer of tenancy right in pagdi

Tripti Nagwekar (Querist) 04 December 2012 This query is : Resolved
Is the cheque amount received by a landlord for a transfer of tenancy right from old tenant to new person or father to son in a tenanted / pagdi building, taxable or not? If taxable, under what head of income for a landlord and at what rate? Further what if the landlord is a charitable trust?

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Raj Kumar Makkad (Expert) 04 December 2012
Such amount is taxable under head-Income from other sources' and the same is not taxable separately rather the overall income of such assessee as per his income may he be individual or a trust.

Tripti Nagwekar (Querist) 05 December 2012
Dear Mr. Raj Kumar Makkad,

If the landlord is no one but charitable trust, please tell me whether the cheque of amount received from pagdi deal is taxable or not because the trust are exempted from income tax payment in case of income from house property.

Raj Kumar Makkad (Expert) 05 December 2012
Such income can be brought under the head income from house property by trust and therefore it can be got exempted from income tax.

Tripti Nagwekar (Querist) 07 December 2012
Dear Mr. Raj Kumar Makkad,

The trust is registered under public trust act with charity commissioner of state government and not registered under section 12A and 12AA of income tax act? Is that trust still exempted from income tax despite above?

Ravikant Soni (Expert) 08 December 2012
Can it not be treated as security deposit? Think again.

Raj Kumar Makkad (Expert) 08 December 2012
If the same is no registered under Income Tax Act then such exemption is not available to it.

prabhakar singh (Expert) 08 December 2012
Well done but author knew the answer with slight confusion.

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