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Amount received after death of soldier to his family
Amount received after death of soldier to his family not by the government but any other person at his own will for financial assistance is taxable or not?
Replies (2)
1. The above amount will be covered under gift and it will be subject to tax u/s 56(2)(x). Because there is no nexus between the amount received and the amount paid as an aid of financial assistance. Hence, it will be treated as a gift and will be subject to tax u/s 56(2)(x).
Please correct me if the above solution has an alternative view.
Agree with Suresh Sir's explanation...👍
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