Insurance claim recieved is taxable or not.
This query is : Open
Amit Gupta
(Querist)
26 April 2010
Case is :
There is salaried person, who has spent Rs. 15000 on getting his car repaired.
After wards he gets Rs. 5000, from insurance company.
On this my query is :
1. whether Rs. 5000, is taxable or not?
2. ehich section would be applicable??
Thanks in advance....
There is salaried person, who has spent Rs. 15000 on getting his car repaired.
After wards he gets Rs. 5000, from insurance company.
On this my query is :
1. whether Rs. 5000, is taxable or not?
2. ehich section would be applicable??
Thanks in advance....
Aditya Maheshwari
(Expert)
26 April 2010
It is like a reimbursement of expenses and hence it will net of your expenditure and net motor car expenses will be Rs. 10,000 i. e. 15000 - 5000
Message likes :
1 times
26 April 2010
agree
CA Ravi Sisodia
(Expert)
26 April 2010
Rs. 5000 is not taxable becouse it is not revenue receipt on regular basis.
Aditya Maheshwari
(Expert)
27 April 2010
Dear Sisodiaji
Could you quote some section or case law supprting your view so that we can also be updated on the same.
Could you quote some section or case law supprting your view so that we can also be updated on the same.
Amit Gupta
(Querist)
06 May 2010
Thanks to all experts for ur opinions...
but can some body quote any section to refer on this???
but can some body quote any section to refer on this???
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