Compensation to wife
This query is : Resolved
01 September 2014
Is lum sum Compensation received by a wife from her husband during the proceeding of divorce at the women cell is taxable?
Please provide sections supporting.
Please provide sections supporting.
01 September 2014
no it is exempted from clubbing and its a capital reciept so not taxable
01 September 2014
Same would be case if compensation is given mutually?
01 September 2014
only on divorce it takes colour of capital recipts and not in case of voluntary for non divorce cases.
01 September 2014
I have read somewhere that only if the court is involved in the proceedings then only it is exempt. But here only women cell is involved.
01 September 2014
but then whther there is divorce confirmed or not?
01 September 2014
Yes divorce is confirmed it may take 6 months time
And 50% compensation will be received now and rest on signing of the papers
And 50% compensation will be received now and rest on signing of the papers
01 September 2014
thenits fully not taxable but suppose if divorce not granted then 1 st installment paid will be taxable
01 September 2014
Can you provide me the section under which it is exempt?
01 September 2014
its not taxble as its capital receipt u can check under income from other sources
01 September 2014
u can refer to definition of income u/s 2(24) where there is no income as per income tax act
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