The question is whether someone should pay taxes for the financial help I receive?
for eg:
1) When relatives or friends or neighbours or political parties or even localities pool on money for the purpose of treatment of a needy or for helping him construct his house (damaged during natural calamities), should the receiver pay tax?
2)When non governmental bodies like charitable organizations or welfare bodies or professional bodies contribute amongst themselves as part of some schemes in the event of death of a member... Is that amount taxable at the hand of the beneficiary? Eg: There are associations like Coir farmer's association. They run schemes for their members wherein payment is given upon death of a member to his nominees IMA (indian Medical Association) runs similar social security schemes... What about them?
Do they have exemption under section 10 of IT act ?(akin to life insurance policies)
CAclubindia
