Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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Naim (Clerk)     09 May 2017

Tax laibility

Dear Legal Experts,

Wife filled Dowry cases on Husband, Later got compromise in High court with 6 Lacks rupees to be paid by husband to wife, husband paid by giving Demand Draft in High court to wife.

Husband got divorce by MCD later.

Do wife need to pay the income Tax on this amount of Rs 6 Lacks or no need to pay.

Please give your valuable opinion on this.

Regards

 



Learning

 4 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     09 May 2017

No need to pay.

Naim (Clerk)     10 May 2017

Even if she is earning and coming in tax slab...this 6 lacks will topup on her salary..

regards

 

Ms.Usha Kapoor (CEO)     14 May 2017

Need not pay.

Z   14 May 2017

If the amount is lump sum then the same shall be treated as a capital receipt and not liable to tax. However, if the money is received on recurring or regular basis then it will partake the nature of income and would be liable to tax.

 

Since this is a lump sum payment, the same is in the nature of capital receipt and there shall be not tax implications. However, merely for the sake of disclosure, I recommend that it be shown by the recipient as "Exempted Income." while filing the return, although it's not an income.

[You have the option to not to show this as exempted income. It's just a recommendation.]


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