Shriti Daga (Chartered Accountant) (102 Points)
30 March 2010If Stipend received by student exceeds the basic exemption limit then whether it is taxable ? And if taxable under which head of Income ?
VIKASH
(CA FINAL 2ND GROUP)
(142 Points)
Replied 30 March 2010
there is no employer employee relationship therefore stipend will be taxable in the hand of student under the head of income from other sources.
vikash mangal
Shriti Daga
(Chartered Accountant)
(102 Points)
Replied 06 April 2010
Vikash,
yes i agree that there is no employee employer relationship but because of it , it will not be taxed under head salary and not income from other sources. I have doubt whether it is professional income or not ??
CA Shiv
(Business Controller)
(2987 Points)
Replied 06 April 2010
Hello shriti... It will be taxed in head income from salary only as there is indirect relationship between employer and employee.
ANd its not professional income.....Stipend can be termed as pay in the form of salary also...
Pleae correct if i m worng..
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 06 April 2010
CAclubindia
