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motor accident compensation

This query is : Resolved 
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(Querist)
09 January 2010 My client has recieved a compensation for motor accident whether it is taxable or not
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
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.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
09 January 2010 Agree, not taxable
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