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MACT Interest

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(Querist)
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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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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