Insurance claim recieved is taxable or not.

This query is : Open

Amit Gupta (Querist)
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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....

Aditya Maheshwari

Aditya Maheshwari (Expert)
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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

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CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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26 April 2010 agree

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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26 April 2010 Rs. 5000 is not taxable becouse it is not revenue receipt on regular basis.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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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.

Amit Gupta

Amit Gupta (Querist)
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06 May 2010 Thanks to all experts for ur opinions...
but can some body quote any section to refer on this???

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