if family of victim in murder case receives some amount from accused person for not filing the criminal case before honorable court , does this amount will be treated as taxable income under other sources of income?
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Amount received for not filing criminal case
Replies (9)
it should not be taken as income hence should not treated taxable income . let's take second opinion also.
thx rahul sir
yes... it will be chargeable to tax...
@ ramakrishnan R - under other sources head of income ???
sir it's not normal compensation it's against the death and the intention crime.since as we know that claim received form insurance company for accidental death is exempt . the. how it can not be. how I will welcome any reference source if you have for taxability .
this should be helpful https://www.livelaw.in/compensation-awarded-mact-not-income-cannot-subjected-tds-income-tax-madras-hc/
compensation awarded by insurance company or court is exempt.. subject to conditions...
even .. compensation received for non participation is taxed as business income...
similarly, in this case it ll be taxed under other sources...
if I'm wrong pls enlighten me referring the suitable section
even .. compensation received for non participation is taxed as business income...
similarly, in this case it ll be taxed under other sources...
if I'm wrong pls enlighten me referring the suitable section
sir, ins compensation is result of legal proceedings but in present case family of victim gets amount from accused person for not intiating legal proceedings.
compensation received from government to the kins of victim is exempted but when the same compensation is given by accused, it's taxable
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