My friend mom met with accident. Unfortunately she expired. He received 3rd part insurance amount of 10lakhs. Is this taxable or non taxable?
CA Rashmi Gandhi
(Chartered Accountant)
(86225 Points)
Replied 25 February 2024
CA Rashmi Gandhi
(Chartered Accountant)
(86225 Points)
Replied 26 February 2024
In case of any claim received by a person on account of death or disability on account of motor accident under Motor Vehicles Act, 1988 then the same is not taxable
CA Rashmi Gandhi
(Chartered Accountant)
(86225 Points)
Replied 26 February 2024
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