IT on chit fund amount

P.ESAKKIMUTHU (Querist) 10 July 2017 This query is : Resolved
Whether income tax is chargeable for lumpsum Chit fund amount taken in auction for periodical monthly payments already paid and payable.if so to what extent

Follow Query

Report Abuse

P. Venu (Expert) 11 July 2017
You may take up the matter with CAclubindia,

Rajendra K Goyal (Expert) 11 July 2017
State material facts of the problem if any.

How are you concerned / related with the query?

Looks like examination question.

P.ESAKKIMUTHU (Querist) 11 July 2017
This is my case. I am paying monthly RS.12500 for the chit amount of 5 lakhs for 40 monthly payment.i am during the currency of the chit taking auction of RS.4.25 lakhs.whether or to what extent IT is payable for the receipt of RS.4.25 lakhs now

B.Chakrapani Warrier (Expert) 12 July 2017
4.25 lakhs is tax free being a capital receipt.

Message likes : 1 times

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries