Taxability of mact claim & interest thereon
This query is : Resolved
25 November 2013
Respected Shri Paras Bafna Ji,
MACT claim relates to death of our client & their legal heirs received the claim with
interest. Please clarify whether such claim & interest are taxable & whether relief u/s 89
of the IT ACT can be claimed.
MACT claim relates to death of our client & their legal heirs received the claim with
interest. Please clarify whether such claim & interest are taxable & whether relief u/s 89
of the IT ACT can be claimed.
CA PARAS BAFNA
(Expert)
25 November 2013
The claim is not taxable.
.
Interest is taxable.
.
Claim with interest is a greater relief. Section 89 is not applicable.
.
.
Interest is taxable.
.
Claim with interest is a greater relief. Section 89 is not applicable.
.
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