Amount received from Court Decree
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 May 2011
I have received a court decree of Rs. 4,00,000/- with 18 % per annum interest against a party in year 2000. He has agreed to pay me Rs. 4,00,000 decree amount + Rs. 6,00,000/- as a interest for these years. Will these Rs. 10,00,000/- are exempt from inome tax? If yes, then under which category. If i have to pay the tax, then on which amount & what will be the rate of income tax?
Sanjay Mujumdar
Sanjay Mujumdar
CA PARAS BAFNA
(Expert)
26 May 2011
As far as Interest is concerned it will be taxable. However, for the original amount of Rs 4.00 Lac the information about the nature of claim made, is required.
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