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Tax compliance with respect to divorce settlement in lump some
14-Jul-2023 (In Tax Law)
I am going through a divorce during which I will be receiving a lump sum compensation in 2 parts. I have received the First part. I want to understand if this is taxable? Also, how should I show this amount in the income tax return
Sir,
As the income tax does not provide any section which shows the liability on the assessee on receiving the compensation on DIVORCE. But you had not defined the amount you had received in compensation and does not define whether this amount is received after sale of property on a part of your wife.
I am duly engaged in filling income tax return where i separate or clubbed the income of husband and wife. So I recommend you to explore me the amount and define the main generation of income on you part.
Regards
Adv Rajul Jain
As the income tax does not provide any section which shows the liability on the assessee on receiving the compensation on DIVORCE. But you had not defined the amount you had received in compensation and does not define whether this amount is received after sale of property on a part of your wife.
I am duly engaged in filling income tax return where i separate or clubbed the income of husband and wife. So I recommend you to explore me the amount and define the main generation of income on you part.
Regards
Adv Rajul Jain
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Adv. Rajul Jain
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