Tax effect of MACT claim interest in the hands of Legal heir

This query is : Resolved 

22 May 2008 Will u Pls tell me whether the interest received for late payment on accident Compensation of MACT claim is taxable or not? I m aware that the compensation is exempt in the hands of legal heirs but pls tell me the taxation effect of Interest recd. on the same in the hands of legal heirs of deceased. the client wants refund of TDS deducted on the said interst

Thank you

23 May 2008 interest is chargeable, compensation is exempt.

03 June 2008 replied




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