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
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taxability of compensation
Replies (3)
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.
sir , it means we can claim refund
but one thing I want to know that will I have to show any income in under five heads and claim exemption Theron
in which section we can claim exemption
thanks sir , aap k jabab bilkul theek hote h , thanks
but one thing I want to know that will I have to show any income in under five heads and claim exemption Theron
in which section we can claim exemption
thanks sir , aap k jabab bilkul theek hote h , thanks
Only the interest part received along with the compensation, you may declare under 'Income From Other Sources'...... & the compensation amount may be declared under 'Exempted income' as capital receipt from insurance company.
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