Tax- settlement

Guest (Querist) 15 October 2012 This query is : Resolved
As part of MCD, I have got a settlement amount of 10,00,000. My queries as follows,
1. Do I need to include them when I do my Income Tax returns?
2. If so, under what section it come?
3. Is it expemted from Tax or tax will be deducted from it ?

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Sanjeev (Expert) 15 October 2012
the amount received is not liable to tax as such but once you deposit this amount in bank FD and earn interest over this FD and that exceeds the total amount chargeable to tax then that Interest income would be chargeable to tax in your hands later.

As of now the 10L received is not to be taxed

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