Gourav (Student) (86 Points)
02 November 2009Hi friends,
The case is:
The Bank was cutting some charges on the amount invested by us in mutual funds which was fraud. After 3 yrs he gave us a compenstation of some money for the fraudulent act done by the bank. How will such amount will be taxed? Investment in mutual fund is our main source of income.
A.K.Agrawal
(Investments & Finance)
(132 Points)
Replied 02 November 2009
Compensations are tax free- cap. receipt. But how will dept. will treat ? It is a dilemma.
anand
(student)
(49 Points)
Replied 02 November 2009
Hey frndz i dint recd my PCC MEMO still...i wrote in june 2009..wat to do??
MITU....
(ARTICLE Assistant)
(210 Points)
Replied 01 December 2009
If earlier u had taken deduction of bank chgs from income then amount recd now will be taxable.
if earlier no deduction was taken then in current it is not taxable
CA. Rohit Grover
(ca in practice)
(54 Points)
Replied 21 January 2010
Rajan
(Article)
(25 Points)
Replied 21 January 2010
agree with mitu but can also claim relief u/s 89
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