Dear professional Colleague , I would like to ask one question .
One of my client received Rs. 86 lakh as death claim of her daughter from insurance company reliance and LIC. Is this amount is tax free in the hands of legal heir ? If yes then under what head and section it is to be shown in ITR ?
I heared that if exempt amount is more than Rs. 10 lakh then there will be chances of scrutiny . Is there any chances of scrutiny in this case if i show it as exempt income ?
Very Very much thank in advance.
CAclubindia
