Insurance
This query is : Resolved
Pratik CA Final
(Querist)
02 August 2013
If i receive a Insurance claim arising from my car insurance policy then what will be the treatment as per Income Tax.???? Whether it is taxable??how will it be treated?
Rupesh Jain
(Expert)
02 August 2013
no. insurance calim is not taxable till your vehicle declare is total loss if you are using this in business.
other wise not.
other wise not.
Pratik CA Final
(Querist)
02 August 2013
Sir what will happen if the same vehicle is being used by an Individual and what will be treatment in books of accounts and Income Tax
return ?
return ?
08 August 2013
If the vehicle is used for personal purpose then there is no TAX treatment at all.
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