Sai Prabhu Narayanan (Articled assitant ) (161 Points)
13 August 2019Hello !
Whether Indian medical Association's fraternity contribution received by a nominee of a member is taxable ???
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 14 August 2019
As it is considered under 'Social Security Scheme' and contribution paid by members is invested in collaboration with insurance companies, it should be tax-exempt; but should be verified from its documents.
Sai Prabhu Narayanan
(Articled assitant )
(161 Points)
Replied 14 August 2019
Thank you sir for the clarification
Ravindranath Tholpadi
(Medical Officer )
(22 Points)
Replied 25 June 2020
If the fraternity contributions by the members collected immediately after the death and given to the family of the deceased as a lump sum amount and not invested in insurance, is it taxable in the hands of the receiver?
CAclubindia
