Mr. Ravi, aged 58 years, died on account of a bomb blast in a Mumbai local train. His son, Mr.Gopi, received a compensation of Rs.3 lakh from the State Government. Explain the tax treatment of the compensation received by Mr.Gopi from the State Government.
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Taxation
Replies (8)
The amount received by legal heirs of the deceased person on account of disaster is exempt from tax .
The compensaion received in he case of Mr.Ravi is exemp,t out right, under section 10(10BC) of the Act.
fully agreed with V. Srinivas
Agreed with others; it is exempt
any compensation or amount given by state or central govt on occasion of disaster is fully exempt from tax so the compensstion received from state govt on account of a bomb blast in a Mumbai local train is exemp from tax
yes its exempt form income tax....
yeah...exempt 
it will be exempt as said by V. Srinivasa
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