Compensation towards the court case settlement

@ anup
only interest is taxable.
that too also calculate if it exceeds the threshold limit then it is taxable.
since she is a senior citizen.
sec 80ttb is applicable.

But in the agreement of settlement, there is nowhere mentioned about the amount paid to us. We will be receiving it by DD separately after settlement. What will happen when I file itr

What is the relationship between you and the person who's paying the settlement amount? if that person doesn't fall in the definition of relatives, these 29 lakhs will be charged to tax under the head income from other sources

Actually it goes like this. My opposing party in the dispute is due for settlement (let's name it A) is my relative but not close one. He has another land dispute going on with my wife's brother (let's say B). My opposing party pressurised my wife's brother to pressurise me to settle the my dispute (A) with him. Only then he will end the dispute with wife's brother (B)

Now my compensation amount will be paid by my wife's brother by DD from his own bank account. There will be nothing that I will receive directly from the opposing party. This means whatever I will receive will be paid to me by my wife's brother.

What rule says that receiving money from relative isn't taxable? (section number, just for my knowledge)

Refer section 56(2)(x) and definition to relatives

Is it necessary to make a gift deed for the amount to be received? Should it be compulsorily registered before sub registrar?

you should make gift deed for entire amount of rs. 29 lakhs & take this amount by dd/cheque/neft/rtgs. you also take this amount in your own account. & show this amount under the exampt income in income tax return form.

Is it compulsory to register it before sub registrar? Or just executing it is enough?