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Deduction and exemption

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 July 2013 Sir,

I have a doubt regarding deductions and exemptions.One of our client paid to the employer an amount of Rs.3,00,000 for breaking the employment agreement (bond) and he joined in another company.Can he claim any deduction or exemption.pls clarify my query.
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Ashish Kukreja

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Ashish Kukreja (Expert)
15 July 2013 Your client cannot claim deduction under chapter VI-A of Income Tax Act,1961.The question of exemption does not arise since it is totally different from deduction.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
15 July 2013 Under salary income there is no deduction for payment for termination of employement




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