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Dear sir
An individual has an industrial property in Maharashtra. He had given the property on lease to a big industrial house. They took on lease many such adjoining properties and constructed a big godown. Now, after so many years, some of these land plots were acquired by NHAI and demolished entire building. This individual’s land was not acquired but he is going to receive compensation for his share of building which is demolished.
1) What is the taxability of such compensation.
2) Is this compensation exempt.
Pl advice.
Thanks

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Q. Taxability of Compensation Received on demolished property

Concept by CA Pramod Jain

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