Dear Members,
One of my Friend's mother received Rs 20 lakhs in her bank account contributed by various members or her friends(who are not relatives) on occassion of her husband death. What is the taxability of her? till now she has not filled any ITR in previous years
Is their any exemptions?
Thanks in Advance
7 Replies
Kapadia Pravin
(17259 Points)
Replied 23 August 2019
Upto 50000 it's exempt. That means 19.50 lakhs will be taxable alongwith her other income. She will be required to file return also.
sasank
(Chartered Accountant)
(89 Points)
Replied 23 August 2019
Dear Member,
Thanks for reply
Can't it be proved under exception, In contemplation of death of the payer. Does this type of matters discussed in any case law.
Thanks for reply
Can't it be proved under exception, In contemplation of death of the payer. Does this type of matters discussed in any case law.
Kapadia Pravin
(17259 Points)
Replied 23 August 2019
The Act does not provide any relief or concession on this
Avtar Singh
(363 Points)
Replied 24 August 2019
Entire amount will be taxable. No exemption even of 50000/ will be available.
sasank
(Chartered Accountant)
(89 Points)
Replied 24 August 2019
Thank You,
What are consequences if I dont file ITR
What are consequences if I dont file ITR
Kapadia Pravin
(17259 Points)
Replied 24 August 2019
When the Widow received money I mean before 31-3-2019 or in current FY
sasank
(Chartered Accountant)
(89 Points)
Replied 24 August 2019
Dear Pravin,
She received in Current year.
She received in Current year.
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