20 October 2012
Mr. X has received Rs. 15 Lakhs as Settlement amount from his Cousin Brother against the Land Dispute which is still pending in the Court. Out of Rs. 15 Lakhs, Rs. 5 Lakhs are to be given to his Sister and Rs. 5 Lakhs are to be given to his Mother. In such a situation what shall be the Tax Treatment?
CAclubindia
