Compensation
This query is : Resolved
18 March 2014
i have received rs. 20 lacs as a leave apart there to. what is tax liability for it.
18 March 2014
Is it leave encashment. If it is yes and you have received after retirement then no tax but any allowance received from the employer is taxable at normal rate of tax
19 March 2014
1) If marital status exists,though living apart, amount received is tax free.
Refer explanation (e)(i)(A) to section 56(2)(vii)(c) of the Income tax Act,1961.
2) In case of divorcee, lump sum amount received is tax free being of capital nature.
Refer Mumbai high court decision in Princess Maheshwari Devi of Pratapgarh Vs. CIT (1984) 147 ITR 258.
Refer explanation (e)(i)(A) to section 56(2)(vii)(c) of the Income tax Act,1961.
2) In case of divorcee, lump sum amount received is tax free being of capital nature.
Refer Mumbai high court decision in Princess Maheshwari Devi of Pratapgarh Vs. CIT (1984) 147 ITR 258.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
