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Taxability of relief amount received from government
Whether Flood Relief or any relief received from government is taxable?If taxable under what provisions, head & what section of the Income tax act, 196
Replies (3)
Section 10(10BC) ogf the Income Tax Act 1961 provides that " any amount received or receivable from the Central Government or a State Government or a local authority by an individual or his legal heir by way of compensation on account of anydisaster, except the amount received or receivable to the extent such individual or his legal heir has been allowed a deduction under this Act on account of any loss or damage caused by such disaster."
I hope this helps :)
What will be the deductible rate according to Section10[10BC] of 1961
Whole amount will be exempt under this section.
If he has claimed dedcution earlier under this act on account of loss or damage, then deduction to the extent loss is claimed will not be available.
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