accident compensation
This query is : Resolved
24 July 2007
Whether the accident compensation received from Insuarance Co. exempt from Income Tax? If Yes,please let me know the section?
24 July 2007
The claim received from the insurance company would be 'exempt' from income tax to the extent of the expenses incurred on the medical treatment. In my opinion, Compensation / Excess receipt would be taxable.
25 July 2007
I too agree with Adithya.
Excess receipts will be taxable under Income From Other Sources.
Excess receipts will be taxable under Income From Other Sources.
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