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Taxation for one time alimoney and minor one time maintainence

(Querist) 19 August 2014 This query is : Resolved 
Dear Sir/Madam

My divorce case is being settled by a way of one time payment for me of rs 20lakhs and my minor daughter Rs 10lakhs(4 yrs old and custody with me). My queries
1) is the amount Rs. 20lakhs taxable? If yes in which slab
2) the amt my minor daughter recieves, is it taxable? if yes tax returns to be filed by me as legal guardian?
3) The amount recieved by my daughter shall be put in bank fd with interest payout option. how will the tax be taken care of?
Report Abuse
Devajyoti Barman (Expert) 20 August 2014
consult a CA.
T. Kalaiselvan, Advocate (Expert) 24 August 2014
Better consult your auditor and proceed.

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