Status of Assessee

This query is : Resolved

Shankar Rao (Querist)
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06 August 2010 Dear all

My cousin died in accident during 2003 subsequently court awarded compansation.
The dispute arises between his 3 brothers and his wife. Finaly court ordered to distribute the compansation between his wife and his brothers.
The Insurance company has paid compansation along with interest to all 3 brothers & his wife seperately ( 4 cheues).
While making payment the insurance Company made TDS at 20%.
in his brother's case whether interest received from Insurance company amounts to HUF Income of their father or HUF income of all 3 brothers or an individual income of all 3 brother.
As PAN not mentioned in form 16A how to take refund Kindly answar the same

thanking you

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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07 August 2010 The amount received is not an income in the hands of his brothers and wife.

Hence the amount is not taxable and is required to be added directly to the Capital account.

It is personal gain to each one - It is not an HUF receipt.

Claim TDS in the name of the person who has received the amount. In TDS Certificate the name is written to whom payment has been made by the insurance company.

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