Rahul Sharma
17 June 2012 at 20:54
Can some one Please guide me in knowing the procedure of court Mediation or Amicable settlement as per court order in my case. Please help me in knowing what generally happen over their What questions does they ask generally and for how long and on what gap these session happen. Looking at my case brief on previous threads, Can someone foresee what could be the outcome.
P V VAITHYANATHAN
17 June 2012 at 20:54
I am 70 years old, and own a flat in Chennai. Recently the owners of our flat decided to go in for a joint development of our property with a contractor. Each flat owner now receives a lumpsum as goodwill money from the contractor. Please let me know whether this goodwill money is taxable in any way. If so, how to avoid or minimise the same? Appreciate your valuable advices. Thanks.
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Capital gains on goodwill money for property development
I am 70 years old and residing in Chennai. I had an old flat originally purchased by me from Housing Board in 1980.
Recently the owners of our flat decided to go in for a joint development of our property with a contractor. Each flat owner has now received a lumpsum as goodwill money from the contractor, in addition to a new flat at the same premises where the old property stood.
Please let me know whether this goodwill money is taxable in any way. If so, how the tax would be assessed and how to avoid or minimise the same?
Appreciate your valuable advices. Thanks.