A Person died in Motor Accident, Court Award Compensation Rs 10 Laces to his Family Members Whether this Amount exempt from Income tax.
The amount will be distributed to the family members as per the award of the court. I think the amount will not attract I.Tax. The amount is received by them by way of compensation awarded by the Tribunal.
194A (3) (9) of IT Act 1961 as amended 01/06/2003 any interest amount over and above 50,000/- shall be subjected to tax at source
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