Section 147 Vs deceased and legal hier - Urgent help required

Answer 1

Since the company goes into liquidation and all the amount receiived is on the basis of legal heir. None of the payment is taxable. All the reciepts are tax free including the loan to be repaid.

Answer 2

Insurance amount received is tax free in the hands of the Nominee

Answer 3

Gratuity is taxable but a certain exemption is available. Currently, i don't remember the Exemption limits of Gratuity in case of deceseased person.

Ans 1- If such amt was given initially as a loanto wife then it is in the nature of capital reciept so when it was given it has nonimpact from tax point of view...same way if that had been paid  then pricipal amt wouldnt have been charged to tax only int would hve ben taxable to assessee...but n ur case its lik lon given from 1 pocket to other pocket so in ma opinion loan is not taxable in the hands of wife.

But when all assets and liabiltities are transferred den sec 2(22) - deemed dividend is attracted as u mentioned that company is liquidated .

Ans-2 Insurance amount is also in the nature of capital ,hence its not taxable in the hands of wife.