Compensation recieved in respect of terrorrist attack
This query is : Resolved
25 April 2009
Hi!
One of my client has received a some amount from Management of "Hotel Oberoi" Mumbai, as his daughter had died in terrorist attack in Nov 2008. Section 10 (10BC) exempt such kind of reciepts, if received from Central or State Govt. and any local authority. But will it exempt receipts from such public ltd company? if yes, do we have any notification for that
One of my client has received a some amount from Management of "Hotel Oberoi" Mumbai, as his daughter had died in terrorist attack in Nov 2008. Section 10 (10BC) exempt such kind of reciepts, if received from Central or State Govt. and any local authority. But will it exempt receipts from such public ltd company? if yes, do we have any notification for that
25 April 2009
There is no specific notification. It is a capital receipt and not revenue in nature. Therefore it is exempted from tax.
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