Hi,
Is a one time lumpsum payment subject to income tax?
If the wife is receiving large sums of payments in 2 parts: One at the time of the 1st motion in the court and the 2nd at the time of the final and 2nd motion in the court ,where the amount is decided on a mutual out of court consent between the two partners: Are the amounts taxable in her income tax returns for that year??
On teh contrary,if instead of receiving monetary compensation,the wife receives a property which is in joint names between the husband and wife and the husband agrees to transfer the property solely to her name- Is that subject to income tax??
Thanks
CAclubindia
