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Compensation

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(Querist)
18 March 2014 i have received rs. 20 lacs as a leave apart there to. what is tax liability for it.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
18 March 2014 Is it leave encashment. If it is yes and you have received after retirement then no tax but any allowance received from the employer is taxable at normal rate of tax
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
19 March 2014 1) If marital status exists,though living apart, amount received is tax free.
Refer explanation (e)(i)(A) to section 56(2)(vii)(c) of the Income tax Act,1961.

2) In case of divorcee, lump sum amount received is tax free being of capital nature.
Refer Mumbai high court decision in Princess Maheshwari Devi of Pratapgarh Vs. CIT (1984) 147 ITR 258.
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