DWQA User Profile panchamda1964Questions(1)Answers(0)Posts(0)CommentsThanks Dear Sreekanth for your time and answering my query.It will be hard for me to find a notice from CBDT especially I am totally naive about Indian taxation system. I do not even know where they post such notices or clarifications. But this much I know that when I approached CIT in my local area he was also clueless about my query.Thank you much for enlightening me and helping me out.May God bless you.Warm regards.P. SharmaOn Answer for USA Income – Tax TreatmentI was wondering if these relief payments by US govt. would qualify for EXEMPT income under section 10(10BC) which reads as under;Compensation received in case of any disaster [Section 10(10BC) ]Any amount received from the Central Government or State Government or a Local Authority by an individual or his legal heirs as compensation on account of any disaster is exempt from tax. However, no deduction is available in respect of the amount received or receivable to the extent such individual or his legal heirs has been allowed a deduction under the Act on account of loss or damage caused due to such disaster. Disaster here means any disaster due to any natural or man-made causes or by accident/negligence which results in substantial loss of human life or damage to property or environment and the magnitude of such disaster is beyond coping capacity of community of the affected area.Thanks for considering this option for your expert opinion.Warm regards.P. SharmaOn Answer for USA Income – Tax TreatmentThanks Sreekanth for prompt response and guidance.Warm regards.P. SharmaOn Answer for USA Income – Tax TreatmentCrop
