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FAQ: Is tax payable over rented property? - Property Hotline
Posted
June 16, 2016
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19
June 16, 2016
19
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4:48Now PlayingBe Un Confused
Expert: Samir Kanabar, Partner, Ernst & Young
Q: My society is undergoing redevelopment. Are there any taxes applicable if I invest entire amount that I received as rent from the developer to buy carpet area? Is there any tax on corpus fund that I will be receiving from the developer?
Answer: Most of the time, the transaction is between the society and the developer and assuming the same in your case too, the society is getting land in return of the land which will further be allocated to the members of the society. In the case it will not result in any kind of taxation. The rent or the other income will however be taxable. So the carpet area is not taxable but the rent is.
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