Tax liablity


Hi

If a girl receives Rs 25,00,000 as settlement for her divorce from her husband then will there be any tax liablity.

If yes then under what section of IT Act.

 

Regards

Sami

 
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No.The lump sum of rs 25lacs you have received as divorce settlement is not an income but is a capital receipt. It was held so by the Bombay high court in the case of Princess Maheshwari Devi of pratapgargh vs cit. 147 ITR 258 (bom)

                                                                                                              V N MURALIDHARAN

 
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ADVOCATE

 

Query:  If a girl receives Rs 25,00,000 as settlement for her divorce from her husband then will there be any tax liablity.

If yes then under what section of IT Act.

Reply: Divorce Settlement Amount is not 'income'; hence it is not taxable under the Income tax Act 1961.

 
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Thanks for your reply. 

 
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i have been filling return of income of my firms regularily till 31.3.2016 has been also filed but on 31.3.2016 /or 01/04/2016 the firm is disolved now by virtue of retirement of two partners out of three &the remaining partner wish to continue same business as sole properitor wef01/04/2016& wants to surrender PAN CARD WHICH IS NOW SPARED AS THE FIRM IS NOT DO DO ANY BUSINESS IN PARTNERSHIP FROM 01/04/2016ONWARDS.A proper dissolution deed has benn written & signed by all the partners.firm is not having any fixed assets except s.detors very nominal which has been taken over by the remaining sole partner at book value .

how to cacell the pan of firm now,

Please suggest the way..

shall be highly obliged.

 
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Practicing Lawyer

On dissolution of a Firm, a firm is no more required to hold PAN. You may write to jurisdiction AO to cancel/delete the PAN with a copy of dissolution and a copy of PAN.

 
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hello mam

if we received amount abobe 300000 we have to paid tax in this amount. whatever is from husband or other source. so you should paid tax in this amount. and for send free sms to your husband please visit our wepside  bulksmsclub.com.

 

 
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hello mam

if we received amount abobe 300000 we have to paid tax in this amount. whatever is from husband or other source. so you should paid tax in this amount. and for send free sms to your husband please visit our wepside  bulksmsclub.com.

 

 
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If a girl receives Rs 25,00,000 as settlement for her divorce from her husband then will here be tax liablity under Other source income head. section of IT act i dont remember. for send more sms please visit on ivr solutions 

 
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Thanks,a lot Mr.Chugh for your reply.
 
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