Settlement on Family dispute - whether taxable

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2011 The amount receivable by anil ambani from mukesh ambani at the time of dispute whether it was taxable in the hands of anil ambani ? kindly give section or any other case law which is applicable ?

Vivek Mehta (CA, DISA,CS, MBA)

Vivek Mehta (CA, DISA,CS, MBA) (Expert)
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10 June 2011 NO the amount received on settlement of family dispute is not taxable....as its just the settlement of wealth not the settlement of any income....further the things received under will or huf partion is exempt....Read section 47

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2011 Thank You for the information

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