Compensation award by court


A  Person died in Motor Accident, Court Award Compensation Rs 10 Laces to his Family Members Whether this Amount exempt from Income tax.

 
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senior

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.

 
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Zonal Head

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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