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 ????....
CA. Vikash Dwivedi
(Expert)
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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