Taxation issue for Stipend income.

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CA Vinish kumar (Querist)
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24 July 2010 A MBBS student doing PG course and received stipend income in same college. Is above amount taxable if yes under which head. Is there is any exemption under Income tax act

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 July 2010 Yes the amount will be taxable under the head "Income from other sources"

CA Vinish kumar

CA Vinish kumar (Querist)
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24 July 2010 could explain the reason if don't mind

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 July 2010 Dear Stipend is taxable as income from other sources. Only exemption under Income Tax act is under Sec.10 (16) of the Income tax Act, 1961 which says
"scholarships granted to meet the cost of education is exempt from Tax."

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 July 2010 You can also check detailed discussion in following link---

https://www.caclubindia.com/experts/taxability-of-stipend-401315.asp

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