receiving demand draft as compensation is it taxable
rohit
(Querist) 29 June 2015
This query is : Resolved
Sir,
My friend is getting divorced and is receiving a compensation of 10 lakhs in form of demand draft.So she wants to know that when she deposit the amount in saving bank account, is that amount will be taxable, if yes then how much she need to pay and what is the procedure.
Also, she would like to know that is their any way through which her compensation should not be taxable.
rohit
(Querist) 29 June 2015
Please sir give response quickly because she has to deposit the demand draft in bank.
Rajesh Kumar
(Expert) 12 September 2015
The compensation is not taxable.