if death compensation is recd by father on death of son (suppose road accident & compensation recd from the person who did accident) whether it is taxable or exempt. if exempt under which section of IT Act
1 Replies
CA CMA CS Ram Pavan Kumar Melam
(CA)
(6980 Points)
Replied 17 January 2011
The death compensation received by a widow or any legal heir would not be within the scope of 'Income' under the Income Tax Act, 1961, hence would not be taxable.
Recent Topics
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
Related Threads
CAclubindia
