ITR FLIING ON DEATH HUSBUND

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This discussion addresses the tax implications following the death of a husband who worked for a private company. It explores how to declare salary received after death, gratuity, leave encashment, and ex-gratia payments in either the deceased husband's or the wife's Income Tax Return (ITR). The query also seeks clarification on whether term insurance claim proceeds are exempt under Section 10(10)D and how ex-gratia payments are treated for tax purposes.

Dipak Gulhane

Dipak Gulhane (Querist)
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24 July 2024 HUSBUND WHO WAS WORKING IN PVT COMPANY DIED IN JUNE 23 TILL THAT HE RECEIVED SALARY IN HIS AC. AFTER HIS DEATH HIS WIFE RECEIVED GRATUITY/LEAVE ENCASHMENT, EX-GRATIA ON DEATH IN HER BANK AC. COMPANY WAS TAKEN TERM INSURANCE PLAN FOR WHICH 1 CRORE RUPPEES WAS DEATH CLAIM RECEIVED BUT THAT WAS NOT RECEIVED IN BANK AC OF WIFE BUT INSTEAD COMPANY HAS MADE INVESTMENTS IN HER NAME DIRECTLY IN EQUITY SHARES AND MF. GRATUITY, LEAVE ENCASHMENT AND EX-GRATIA WHICH IS RECEIVED IN WIFE BANK IS NEED TO BE SHOWN IN HUSBUND ITR AS INCOME OR IN WIFE ITR? IS TERM INSURANCE CLAIM IS EXEMPT U/S 10 (10) D.