Claiming of Deduction
This query is : Resolved
Vishwanath Achari
(Querist)
24 November 2008
Dear Sir/Madam,
A person has recieved Rs. 3.00 lakhs from general insurance co. as third party insurance claim because his son had met with accident few years ago. Whether this amount is taxable and whether any deduction is available.
A person has recieved Rs. 3.00 lakhs from general insurance co. as third party insurance claim because his son had met with accident few years ago. Whether this amount is taxable and whether any deduction is available.
CA Hemant T Dewani
(Expert)
24 November 2008
ANY AMOUT RECEIVED FROM INSURANCE CO.IS NOT TAXABLE IN THE HANDS OF RECEIPTENCE SO IN MY OPINION THE AMOUNT IS NOT TAXABLE IN YOU HANDS
Vishwanath Achari
(Querist)
26 November 2008
Very much thanks for ur immediate reply sir, But the above said Insurance is from general Insurance company... Please give the Provisions which allow me to claim expemtion, where in section 10(10D) specifically gives exemption for insurance amount received from life insurance
Dhirajlal Rambhia
(Expert)
07 November 2021
Its capital receipt being received as compensation against the loss during the accident.
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