Hello Friends,
One of my client's husband recently expired, her step-children immediately took a decision to separte her from their house. Now, she has received an ex-amount (e.g 10 lakhs) during all such incidences (Death of husband, separation from children). I understand, being lumpsump amount, such shall not be taxable (either because it is considered as one time alimony amount or gift from children, during the reciept).
I wanted to know, how to disclose this in ITR? Or how to deal with such income, as she needs to deposit all this amount in her bank to live her life on interest from such amount. She does not want to non-comply with tax rules too, so I want her to declare this as one time receipt.
How can that be done? Which ITR, under what this income shall be officially declared?
CAclubindia
