Income tax on personal accidental claim
This query is : Resolved
07 February 2018
IF A PERSON RECEIVE PERSONAL ACCIDENTAL INSURANCE CLAIM PROM A INSURANCE COMPANY AGAINST HIS ACCIDENT AND AMOUNT RECEIVED FOR REIMBURSEMENT OF MEDICAL EXP. AND TEMPORARY TOTAL DISABLEMENT CLAIM. WHETHER THIS CLAIM RECEIVED FROM INCOME CO. IS TAXABLE UNDER INCOME TAX AS INCOME OR NOT PLS REPLY.
07 February 2018
A claim received under accidental insurance policy will not be treated as an income. It is an expense that you have already incurred. Since insurance is a contract of indemnity and usually there is no profit element in the amount of claim received by the insured, the claim received will not be considered as taxable income.
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