Interest income and insurance claim.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 April 2016
Dear Sir,
one of my client brother was dead in an accident in 10 years back, they filed a suit against the person who causes the accident. after long time the client received 9 lakhs as interest as per 26AS from insurance company(the insurance claim is related to that person who causes the accident). what my doubt is whether that interest is taxable or not. If yes under which head it is taxable?. if the assesse receives claim also what about the taxability of that claim
one of my client brother was dead in an accident in 10 years back, they filed a suit against the person who causes the accident. after long time the client received 9 lakhs as interest as per 26AS from insurance company(the insurance claim is related to that person who causes the accident). what my doubt is whether that interest is taxable or not. If yes under which head it is taxable?. if the assesse receives claim also what about the taxability of that claim
CA PARAS BAFNA
(Expert)
11 April 2016
The insurance claim amount is not taxable, however interest is taxable under the head income from other sources.
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