Car insurance settlement taxability?
This query is : Resolved
Nilesh Bagore
(Querist)
01 March 2016
I Own a car which is my Personal Assets (Not a Part of Any Block of Business Assets). Last year it had accident & I had Received
Rs 145000 as compensation from Insurance Company whether this Receipt is Taxable or Not?
Rs 145000 as compensation from Insurance Company whether this Receipt is Taxable or Not?
02 March 2016
Hi,
Personal Assets are not taxable on its sale/receipt of compensation.
Personal Assets are not taxable on its sale/receipt of compensation.
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