Taxability of amount paid by Insurance Company to the daughter on wining claim after deducting TDS
This query is : Resolved
Deepak Rawat
(Querist)
22 April 2024
Dear Experts,
In a case, a daughter received some amount of death claim of her father from Insurance Company. She received the amount after wining case from the Insurance company. And Insurance company paid the amount after deducting TDS U/s 194A @ 10%.
One more point is, when the case was filed the daughter was minor, now at the time of receipt of she is married.
What is the taxability of this amount ? Is it exempt U/s 10(10)D ?
Please guide with your valuable reply.
In a case, a daughter received some amount of death claim of her father from Insurance Company. She received the amount after wining case from the Insurance company. And Insurance company paid the amount after deducting TDS U/s 194A @ 10%.
One more point is, when the case was filed the daughter was minor, now at the time of receipt of she is married.
What is the taxability of this amount ? Is it exempt U/s 10(10)D ?
Please guide with your valuable reply.
CA R SEETHARAMAN
(Expert)
23 April 2024
TDS deducted only on interest payment it's taxable. File ITR. Death claim amount is exempt from tax under section 10(10D).
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