Regarding compensation and what has been amount we will receive is Taxable or Not)

Question

Respected Sir/Madam, Our Housing Society is registered in 2019( Without Convince Deed). Our building is G+3 and Total 54 flats. All building will be demolished by authorities because of Virar Alibag Corridor( Highway Project). nobody giving information regarding compensation and what has been amount we will receive is Taxable or Not).
kindly requesting you to light on these two questions.
thanks and Regards

Vijay Bhosale 1 Answer 68 views
0

Answer ( 1 )

  1. instalegal
    0
    2023-10-08T08:50:17+05:30
    Reply

    If your land has been acquired then the compensation received will be taxable and the tax will be deducted by the disbursing authrity.
    If the society is the owner of the land, all information is given to them directly. However you can approach the land acquisition authority and get all information required from their office.

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