Income Tax on Ex Gratia Received
This query is : Resolved
22 June 2020
Sometimes due to accidents and deaths people receive ex gratia from Government. Is it taxable as per Income Tax Act , If yes under what head ? and what is the Tax Rate
23 June 2020
IT DEPENDS UPON THE CIRCUMSTANCES WHAT KIND OF DEATH AND ON WHAT ACCOUNT YOU ARE RECEIVING MONEY FROM GOVT. OR FROM YOUR EMPLOYER E.G. ANY MONEY RECEIVED BY LEGAL HEIR FROM BHOPAL GAS VICTIM IS EXEMPTED UNDER INCOME TAX ACT. YOU SHOULD SPECIFY THE WHOLE MATTER ONLY THEN ANSWER CAN BE GIVEN CORRECTLY TO YOUR PROBLEM.
23 June 2020
In case of some terrifying road accidents and recently in case of amar veer Col. Santosh Babu Govt gave some money to their family what will be tax consequences in such cases
23 June 2020
Such receipts are capital receipts not taxable.
23 June 2020
Welcome....................
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- 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
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
