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 ?
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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