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Taxability

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(Querist)
23 March 2012 There were three brothers in a Hindu Family. on separation one brother has taken the shop and agreeed to pay rs. 7 lacs to remaing two brother. so my query is will that 7 lacs will be taxable in the hands of recepient.
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CA. Hari Kishan

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CA. Hari Kishan (Expert)
23 March 2012 He shall require to draw a family will and such amount received by other brothers shall not be taxable.
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CS RAJESH C.CHOUDHARY

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CS RAJESH C.CHOUDHARY (Querist)
23 March 2012 ya thanks a lot hari sir..
for the reply...
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