Income Tax

preet (Querist) 14 April 2011 This query is : Resolved
A person take shop on rent and on leaving his tenancy right he got a amount as pagari or as a compensation to leave the tenancy right. Now my question is whether that income is taxable or not? If yes, whether it is capital receipt or revenue receipt? or under what head it is taxable?

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soumitra basu (Expert) 14 April 2011
This amount shall be taxed under the head Capital Gains and the cost of acquisition for this purpose shall be NIL.

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