Taxability of amount recd. for dissolution of marriage
This query is : Resolved
02 July 2013
I need clarification upon the captioned item.
If a lady receives a particular sum, say Rs. 10 lacs, from her in laws for being agreed to divorce her husband;
1. Whether the same will be taxable in her hand as income?
2. If yes, under which provision of Income Tax Act?
3. Whether the lady would be wrong in treating the said amount as Capital Receipt?
Please offer your valuable suggestions.
If a lady receives a particular sum, say Rs. 10 lacs, from her in laws for being agreed to divorce her husband;
1. Whether the same will be taxable in her hand as income?
2. If yes, under which provision of Income Tax Act?
3. Whether the lady would be wrong in treating the said amount as Capital Receipt?
Please offer your valuable suggestions.
02 July 2013
Lump sum received on settlement is not taxable. It is a capital receipt.
.
Our expert Aditya Maheshwari dealt with this issue on the following link in a detailed manner please go through-
.
https://www.caclubindia.com/forum/is-money-received-in-divorce-taxable-80923.asp
.
Our expert Aditya Maheshwari dealt with this issue on the following link in a detailed manner please go through-
.
https://www.caclubindia.com/forum/is-money-received-in-divorce-taxable-80923.asp
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