An employee working in Air Traffic Control (ATC) deceased. His colleagues contributed INR 2 lacs to his spouse and 10L to his kids. The amount being transferred to their bank accounts/FDs. Are such voluntary contributions from the colleages taxable or exempt?
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Taxability of voluntary contributions from colleagues
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Taxable, but slab rate applies..........
If distibuted within 2 or 3 years........ tax liability can be saved.....
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