motor accident compensation
This query is : Resolved
CA Konfused
(Querist)
09 January 2010
My client has recieved a compensation for motor accident whether it is taxable or not
09 January 2010
Not taxable if received against personal accident cover.
Directly add it with the capital.
If motor car belonging to the client has got accident; then the amount received from the insurance company is taxable but loss from car will also be deducted from profits.
Directly add it with the capital.
If motor car belonging to the client has got accident; then the amount received from the insurance company is taxable but loss from car will also be deducted from profits.
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CA Ravi Sisodia
(Expert)
09 January 2010
Agree, not taxable
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