Question ID : 40653

Income tax on lump sum amount received by Advocate.

An advocate, super senior citizen, received a substantial amount in lump sum from 'Advocate Welfare Fund' upon permanently stopping his legal practice. Whether that amount is liable to income tax. If so, the said amount is to be offered under which 'head of income'.

posted by B.CHACKRAPANI WARRIER on May 20 2020 12:00AM