Actually i want to know wheather stipened received by a medical student from goverment during his post graduation
is taxable or exempt.
i also want to clarify some dought in this regard,
1. whether student receiving stipend above tax slab is taxable
2. if stipend received by him is exempt u/s 10(16). whether he can file his ITR and claim deduction u/s 80 C.
1) Stipend received is taxable under the head Income from Other Sources. As there is no Emplyer - Employee relationship and is not taxable under the head Salaries.
2) The deductions u/s 80C can be useful only when tax is payable. Such deductions help in reducing the tax liability.
3) I think so the stipend received is not exempt u/s 10(16), as the section does not apply to stipend received from government.
Regards,
Devendra Kulkarni
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