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ACCIDENT COMPENSATION

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17 September 2020 aN ASSESSEE WHO MET WITH AN ACCIDENT AND RECEIVED 1800000 AS COMPENSATION WHICH INCLUDES 350000 AS INTEREST . HE IS IN COMA STAGE. I WANT TO KNOW TAXABILITY FOR ASST YEAR 2019-20 WITH REGARDS TO INTEREST ON COMPENSATION & COMPENSATION RECEIPT. ALSO FOR INTEREST 50% DEDUCTION IS AVAILABLE U/S 57
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 September 2020 Compensation is capital receipt not taxable. Interest is taxable.
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P.Madhivadhanan

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P.Madhivadhanan (Querist)
17 September 2020 wHETHER 50% DEDUCTION AVAILABLE ON INTEREST ON ACCIDENTCOMPENSATION U/S 57
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 September 2020 Not available. File ITR claim excess TDS refund.
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