any amount recived as aword for finding the missing girl from her parents
is its taxable in under head other source??
for exampl_
spend ₹20000 for finding that missing girl
and got aword ₹ 120000
what would be its taxibility?
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taxibility
Replies (3)
its just a reward if u genuinely wish to show it as ur income then show 120000 as income and 20000 as ur expense so taxable income is 100000 or else u can just ignore it in ur income calculation
can we ignore it while calculating taxable income?
no it cannot be ignored.
it (rs.1,20,000) will be taxable under income from other sources head and deduction u/s 57 can be claimed for rs. 20,000/-
it (rs.1,20,000) will be taxable under income from other sources head and deduction u/s 57 can be claimed for rs. 20,000/-
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