Accidental claim recd is taxable or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 March 2013
AMOUNT RECD.IN INDIA AS COMPENSASTION FROM FOREIGN INSURANCE COMPANY IS TAXABLE OR NOT IN INDIA.
THE AMOUNT RECIVED IS DUE TO AN ACCIDENT IN A FOREIGN COUNTRY AND THE ASSESSEE IS PERMANENTLY PHYSICALY DISABLE DUE TO THAT ACCIDENT.
THE ASSESSEE HAD GONE TO THAT COUNTRY ONLY FOR A PLEASURE TRIP AT THAT TIME
THE AMOUNT RECIVED IS DUE TO AN ACCIDENT IN A FOREIGN COUNTRY AND THE ASSESSEE IS PERMANENTLY PHYSICALY DISABLE DUE TO THAT ACCIDENT.
THE ASSESSEE HAD GONE TO THAT COUNTRY ONLY FOR A PLEASURE TRIP AT THAT TIME
Santosh Mishra
(Expert)
09 March 2013
It is not taxable as it is a nature of wealth loss to individual.
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