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Settlement Amount on property apportion

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(Querist)
08 September 2009 Dear Sir/Madam,

My wife will get an amount of Rs. 300000/= as a settlement from their family through property apportion. We would like to know whether that amount would be a taxable and while depositing into bank, what support documents are required.

Thanks,
Subramani.
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Late CA Sampat Jain

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Late CA Sampat Jain (Expert)
08 September 2009 IT IS CAPITAL RECEIPT AND NOT TAXABLE

YOU NEED FAMILY SETTLEMENT DEED TO SUPPORT
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CA CHINTAN AJMERA

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CA CHINTAN AJMERA (Expert)
08 September 2009 Agree it is capital receipt.



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Subramani G

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Subramani G (Querist)
09 September 2009 Thank you both for your calrification.Regards,Subramani.

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