MACT Interest
This query is : Resolved
12 March 2011
Will u Pls tell me whether the interest received for late payment on accident Compensation of MACT claim is taxable or not? I m aware that the compensation is exempt in the hands of legal heirs but pls tell me the taxation effect of Interest recd. on the same in the hands of legal heirs of deceased.
Thank you
Thank you
12 March 2011
Taxable. Pl refer sections 145A(b),56(2)(viii),57(iv) and 194A(3)(ix) of the Income tax Act,1961.
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