Quiz for the week (15 Sep 2025) :
Tilak being the only legal heir of his father inherited a let-out property. The rent was collected by a friend of his father who claimed the property to be his own and refused to hand over the rent collected by him to Tilak. Since the occupants have all along been giving rent to the friend of his father continued the same practice. Tilak filed a suit and the court decreed rent @Rs.50,000 per month for 2 financial years to be given to Tilak and compensatory interest amount of Rs. 1 lakh. Tilak did not admit rental income during those 2 years because of dispute in the court of law. Now that he has received, he wants to know the taxation of such amount.
Share your thoughts on the above on or before 22nd September, 2025.