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compensation for death
Is any amount paid by fellow employees to the family of a deceased employee taxable under IT act
Replies (4)
If the aggregate amount is upto 50000/- then no tax
but if aggregate amount exceeds 50000/- then whole amount will be treated as gift from non- relatives under section 56 and taxable under Income from other sources in the hands of receipient (Donee) .
but if aggregate amount exceeds 50000/- then whole amount will be treated as gift from non- relatives under section 56 and taxable under Income from other sources in the hands of receipient (Donee) .
@ kapadiapravin
but the section tells about contemplation of the death of the payee.
what does that mean
but the section tells about contemplation of the death of the payee.
what does that mean
The term 'gift in contemplation of the death of the payer' is defined under the Indian Succession Act, 1925.
" A gift is said to be made in contemplation of death when an ill person, who expects to die shortly of his illness, delivers to another the possession of any movable property as a gift."
" A gift is said to be made in contemplation of death when an ill person, who expects to die shortly of his illness, delivers to another the possession of any movable property as a gift."
thanks for the info😄
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