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Vehicle insurance receipt

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 June 2016 can vehicle insurance receipt be treated as income and under what head?

28 June 2016 its depend on the nature of receipts its repair claim or vehicle loss clam. for individual its person assets not taxable.

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 July 2016 sir,please tell me the answer in both the above case if it's a business vehicle.




05 July 2016 fop repaid its reduce from the repair cost. if its total loss then its treat as tfr of asets.



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