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Money and Assets received on Divorce

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Jacob Abraham

Jacob Abraham (Querist)
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11 July 2024 Are the money and assets received on separation/divorce is taxable?

Is there any limit - say receiving the money in a bank account?
Is there any liability to file ITR in such cases?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 July 2024 Lump sum alimony received on divorce is not taxable. There is no limit specified in act.
Yes, report it under Exempt income.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 August 2024 Good Luck.

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