Accident Insurance Claim
This query is : Resolved
26 April 2008
Hii.. all
I want to ask about insurance claim income.. suppose i will get a Accident insurance claim for rs.350000.00 so, all of this amount is taxable or non-taxable ?
and TDS deducted in FY 2006-07 so, can get refund TDS amount now or not ?
plz hepl
I want to ask about insurance claim income.. suppose i will get a Accident insurance claim for rs.350000.00 so, all of this amount is taxable or non-taxable ?
and TDS deducted in FY 2006-07 so, can get refund TDS amount now or not ?
plz hepl
27 April 2008
accidental claim is not the taxable income. it is capital receipt. you can get the refund if TDS is deducted subject to the other income and provisions of Income tax act.
02 May 2008
hii.. under which head the income from accident claim i will show & which ITR fill for the income from accident insurance claim ?
06 May 2008
it will not be a part of income because it is capital receipt so it will be shown in Statement of Affairs or Balance sheet(Capital Account)and ITR from will depend of your sourse of income
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