Taxability of Scholarship received
This query is : Resolved
06 December 2010
What is tax implication for Student having income from Scholarship only in excess of Basic Exemption limit?
07 December 2010
Scholarship granted to meet the cost of education is exempt from tax.Sec. 10(16)
Further, it is not necessary that scholarship should be financed by the Govt. Once it is proved that the amt. received is scholarship, it will be fully exempt from tax irrespective of its terms of award.
Further, it is not necessary that scholarship should be financed by the Govt. Once it is proved that the amt. received is scholarship, it will be fully exempt from tax irrespective of its terms of award.
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