Income Tax on Ex Gratia Received
This query is : Resolved
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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
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.
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
23 June 2020
Such receipts are capital receipts not taxable.
23 June 2020
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