divorce compensation-taxablity
This query is : Resolved
28 January 2011
One of my client, got settlement amount rs 25 lac from divorce in a registered marriage, is it taxable ?
28 January 2011
Citation :- Princess Maheshwari Devi of Pratapgarh v. Commissioner of Income-tax 147 ITR 258 (Bom).
If lump sum amount is received, it will be treated as capital receipt., hence not taxable.
If monthly payments received,being revenue receipt, it should be taxable.
If lump sum amount is received, it will be treated as capital receipt., hence not taxable.
If monthly payments received,being revenue receipt, it should be taxable.
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Guest
Guest
(Expert)
28 January 2011
It will not be taxable income
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