Income Tax on Ex Gratia Received

This query is : Resolved

BALAJI C (Querist)
Follow

22 June 2020 Sometimes due to accidents and deaths people receive ex gratia from Government. Is it taxable as per Income Tax Act , If yes under what head ? and what is the Tax Rate

c.bakshi

c.bakshi (Expert)
Follow

23 June 2020 IT DEPENDS UPON THE CIRCUMSTANCES WHAT KIND OF DEATH AND ON WHAT ACCOUNT YOU ARE RECEIVING MONEY FROM GOVT. OR FROM YOUR EMPLOYER E.G. ANY MONEY RECEIVED BY LEGAL HEIR FROM BHOPAL GAS VICTIM IS EXEMPTED UNDER INCOME TAX ACT. YOU SHOULD SPECIFY THE WHOLE MATTER ONLY THEN ANSWER CAN BE GIVEN CORRECTLY TO YOUR PROBLEM.

BALAJI C

BALAJI C (Querist)
Follow

23 June 2020 In case of some terrifying road accidents and recently in case of amar veer Col. Santosh Babu Govt gave some money to their family what will be tax consequences in such cases

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

23 June 2020 Such receipts are capital receipts not taxable.

BALAJI C

BALAJI C (Querist)
Follow

23 June 2020 Thank You sir s both of you for resolving my query

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

23 June 2020 Welcome....................

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

MAYANK

Vivekanand Sagar

nilesh

yadagiri

Mohit Kumar

Subscribe Now

Income Tax on Ex Gratia Received

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA