A Property under redevelopment fetches Rs.100 per member.of which Rs.30 is the corpus and the balance is Rs.10 is for furniture and fixures and Rs60 that is the rent component spread over 3 years for the rehabilitation that the flat owners will have to manage with.
1)since the Rs:30 is given to each member ( not kept in the custody of the managing committee )in lieu with a vision that tha tax rates/maintenance will be higher once the owners move into the new construction,should it in the first place considered as a source of income and taxed as it is bound to perish and hence is an estimated expense?
2)if Rs60 which is paid in advance as rent component spred for 3 years,not utilised in rent,will it become my income and under which source and will the entire rent amount paid in advance for 3 years calculated as income in the current year or divided and shown in three different years?
3)Rs.10 given as furnitue and fixures is also taxable and under what nature?
WHAT TYPE OF CONFIRMATION DO WE NEED TO TAKE FROM THE DEVELOPER WHILE RECEIVING THE ABOVE PAYMENT TO FILE OUR TAX RETURNS?
i need expert advice in this regards as we are undergoing a circumstance quoted above.