After divorce money compensation recd 4m groom is it taxable
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 January 2012
Q: i get divorce from my husband..
and as per court order he gives me 10,00,000\= as compensation... this income is taxable or tax free. if taxable how much i had paid ????....
and as per court order he gives me 10,00,000\= as compensation... this income is taxable or tax free. if taxable how much i had paid ????....
21 January 2012
yes, income from other sources.
21 January 2012
Bombay High Court in Princess Maheshwari Devi of Pratapgarh v. Commissioner of Income-tax 147 ITR 258 (Bom) answered this question.
According to that court decision , monthly payments are taxable where as lump sum may be treated as capital receipt.
According to that court decision , monthly payments are taxable where as lump sum may be treated as capital receipt.
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