Tax effect of MACT claim interest in the hands of Legal heir
This query is : Resolved
22 May 2008
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. the client wants refund of TDS deducted on the said interst
Thank you
Thank you
23 May 2008
interest is chargeable, compensation is exempt.
03 June 2008
replied
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