Lump sum amount received on death of husband taxable?
This query is : Resolved
07 September 2018
Hi,
My father-in law is an Government employees (Singareni Collories) he died in 2014 due to heart attack.
As his death was sudden and uncertain, his job can be taken over by any of the family member. however, none of them have taken over his job and job has been surrendered to the Organization and for which my Mother-in law received a lump sum amount.
Organization (Singareni Collories) has deducted tax at source and credited the remaining amount to bank account.
I wanted to know, if amount received for surrendering job on death is taxable? and under which head this income be categorized?
and can we get tax refund?
Hope to get a quick and accurate response.
Thank you,
Raghavendra.
My father-in law is an Government employees (Singareni Collories) he died in 2014 due to heart attack.
As his death was sudden and uncertain, his job can be taken over by any of the family member. however, none of them have taken over his job and job has been surrendered to the Organization and for which my Mother-in law received a lump sum amount.
Organization (Singareni Collories) has deducted tax at source and credited the remaining amount to bank account.
I wanted to know, if amount received for surrendering job on death is taxable? and under which head this income be categorized?
and can we get tax refund?
Hope to get a quick and accurate response.
Thank you,
Raghavendra.
08 September 2018
YOU NEED TO CHECK UNDER WHICH HEAD TAX HAS BEEN DEDUCTED AND THE DOCUMENTS RELATING NATURE OF PAYMENTS MADE TO DEICED THE TAX ABILITY OF THE AMOUNT RECEIVED.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Building and other construction workers welfare cess act 1996
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- Delisted shares sold in off market/ Rebate u/s87A
- Error whiling application of GST REFUND (ANNEXURE B)
- While filing GSTR9 accountant couldn't entered the ITC values in Table 6, in 9C it is not accepting
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
