Compensation received under motor vehicle act
This query is : Resolved
10 July 2012
an assessee has received compensation under motor vehicle act .whether it is taxable?
he has made claim of Rs.3.5lakhs to insurance co. and received rs.2 lakhs on final settlement
he has made claim of Rs.3.5lakhs to insurance co. and received rs.2 lakhs on final settlement
10 July 2012
Yes, it is exempt from tax..only interest on such compensation is taxable.
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12 December 2012
agree with Amit ji, compensation received under motor vehicle act is not taxable (exempt).
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