income tax

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  1. Dear sir, An HUF receives a sum of Rs.425000/- in the beginning of this financial year, of 30 yrs. old litigation this year through cheque as settlement amount through court. The basic amount was been shown since 30 yrs. Rs.115000/-in HUF Balance sheet (assets side). Since 30 yrs. no provision of interest was made on that litigation amount. What would be the tax implications for that as that HUF income is only interest income about 80000/- annually from other sources.. Kindly suggest ways to save income tax . Are there any investment plans to save the entire amount from taxation. kindly guide me.
     
  2. Sumit Agarwal

    Sumit Agarwal Active Member

    Please specify that the amount of Rs.115000/- was standing under which head ?
     
  3. the amount was just written in the name of party in assets side.
     
  4. Sumit Agarwal

    Sumit Agarwal Active Member

    It seems that it was debtor. So 310000/-(425000-115000) will be taxable as business income.
     
  5. any investments/bonds to invest in to save the tax. provide guidance regarding tax planning to save maximum tax.
     
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