one of my relative received compensation of rs.800000/- on account of death of her's husband. Insurance company has deducted TDS of Rs.80,000 and deposited in govt. account
do she require to file the return , if yes which ITR is required to be file and in which head income has to show
if any deduction is allowable plz explain
thanks
The compensation received is of capital nature & hence tax exempt.
But any interest received over the compensation amount is chargeable under head 'IFOS'.
You can file ITR1 and claim the excess refund amount.
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