ACCIDENT COMPENSATION
This query is : Resolved
Quick Summary
P.Madhivadhanan
(Querist)
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
CA R SEETHARAMAN
(Expert)
17 September 2020
Compensation is capital receipt not taxable. Interest is taxable.
P.Madhivadhanan
(Querist)
17 September 2020
wHETHER 50% DEDUCTION AVAILABLE ON INTEREST ON ACCIDENTCOMPENSATION U/S 57
CA R SEETHARAMAN
(Expert)
17 September 2020
Not available. File ITR claim excess TDS refund.
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