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Insurance

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(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?
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Rupesh Jain

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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.
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Pratik CA Final

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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 ?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
08 August 2013 If the vehicle is used for personal purpose then there is no TAX treatment at all.
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