Income tax return for fully disabled

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 August 2018 dear Sir/ Madam
Pls let me know a person is fully disabled 2 years ago due to accident has certificate of disability.
he has got insurance claim for which tds has been deducted by insurance company.
Can he claim full refund of tds since he has no other income.
Amount for which tds deducted is 700000/- .
does this 700000/- falls under income category ?
Secondly under which heading will his income appear.
Thanks and oblidged .

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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28 August 2018 Income tax Act doesnt talk about taxation of disability insurance proceeds. In my opinion,we may compare this proceeds with maturity proceeds of life insurance policy which is exempt under section 10(10D). Since this case is a capital receipt of policy on occurence of disability,the same will be exempt

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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28 August 2018 Shows this receipt under Exempt Income category