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Is govt grant received by a widow of former saheed taxable?

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07 August 2015 A Grant has been received by a widow of saheed.this grant is given on depriciable asset amounting to Rs.200000. Total value of asset purchased was Rs.500000.

Whether Rs.200000 is taxable??
Plz Reply...
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Amol S Joglekar

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Amol S Joglekar (Expert)
07 August 2015 No the grant is NOT taxable. It is a capital receipt...specifically granted against a depreciable asset.

Just a point to note, for income tax purpose, however, the depreciation shall be claimed on 300,000 and not 500,000.
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