Hi
It varies based on the context, usually exgratia is a mode of payment which is paid as favour. If it is paid towards kindness upon damage, loosing property etc it is non taxable.
In case of Insurance companies this will be paid in few cases where the claim gets rejected.
For employees :if company is paying Statutoryb bonus and exgratia then exgratia is taxable.
If employee met with accident and got disablement or died and the exgratia paid is non taxable.
Chills 'N' Cheers
Karthik Nayudu
Hi Bonus and Ex Gratia are two different payments. Bonus is a statutory payment under the Act, whereas Ex Gratia is purely voluntary. It follows that Ex Gratia is not included with the payment of Bonus, but is payable at the discretion of management in addition to or even in the absence of bonus.
An investment, whose returns are taxable can be termed as taxable investment. For ex: In India, the interest earned on bank deposits are taxable. Hence depositing money in fixed deposits can be considered as a taxable investment
If I except an ex gratia payment can I still make a claim in Irish law
"by favour", and is most often used in a legal context. When something has been done ex gratia, it has been done voluntarily, out of kindness or grace. In law, an ex gratia payment is a payment made without the giver recognising any liability or legal obligation.
In the US, the money is not taxable if the beneficiary is an adult.
Ex Gratia means "by favor". In legal terms, this is a payment made by a company or employer when no payment is obligated. The payment is not made because a person is employed by the company and is unconnected to the services the company provides.
ex. for example in English 'e.g.' short for the latin, 'exempli gratia'.
In law, an ex gratia payment is a payment made without the giver recognizing any liability or legal obligation.
No but what you do with the money may be taxable.
no
no
None of of the borrowed money would be taxable income to you when you receive it.