Money and Assets received on Divorce
This query is : Resolved
Quick Summary
Jacob Abraham
(Querist)
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?
Is there any limit - say receiving the money in a bank account?
Is there any liability to file ITR in such cases?
Dhirajlal Rambhia
(Expert)
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.
Yes, report it under Exempt income.
Dhirajlal Rambhia
(Expert)
25 August 2024
Good Luck.
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