Sum received by spouse as compensetion after devorce.
This query is : Resolved
26 December 2012
what are the various income tax provision for sum received as compensation by spouse after devorce from his/her spouse? As per the defination of income this status is come under the categery of brich of contract so it shuld become the term income? If it is taxable then in which head? Other surrounding points also reflects.
26 December 2012
i) Lump sum amount received is tax free being capital receipt in nature.
ii) Monthly amount received is taxable under the head 'income from other sources'.
ii) Monthly amount received is taxable under the head 'income from other sources'.
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26 December 2012
Thanks Sir
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