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Income tax provision

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 May 2012 A.Y.:2012-2013
Mr. A. Age:21 years (Handicapped)

In year 2009, Mr A suffering Accident & Lost your Leg, He claimed Insurance & Paid insurance Amount but Mr.A claimed Interest Amount, As Per Court Order, At the time of 2011 , Insurance company paid Rs.300000/- Interest & Deducted TDS so, This Income totally taxable or Any Exemption as per Court Order, Please Guide Me,

Total Income - Rs.300000
IT Limit - Rs.180000
As per 80U - Rs.50000
So, After deduction Rs.70000.00 Taxable Income

Correct or Wrong or Any Special provision related Court Decision, Guide me
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
15 May 2012 Proceeds of Insurance are tax free but the interest as per court order is not tax free. So in your case, there shall be a tax of Rs. 7210 i.e. 10.3% on 70000.00
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