Taxability of claim received due to death in road accident
This query is : Resolved
Naresh Chandra
(Querist)
28 July 2018
An assessee got the claim amount ordered by court due to death of her husband in a road accident. The motor insurance company deducted 20% TDS on the claim amount u/s 194A. Kindly advise whether the claim amount taxable in her hand or not and if exempt pls quote the section of IT Act.
Thanking You
Thanking You
CA R SEETHARAMAN
(Expert)
28 July 2018
It's a capital receipt not taxable.
Naresh Chandra
(Querist)
03 August 2018
Thanks for your valuable reply sir. Can u give the reference of section or rule of IT act please.
Thanking You
Regards
Thanking You
Regards
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- Gst registered proprietorship firm
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- Non filing of I T Returns
- Capitalgain tax purposes for valuation report compulsory
- TDS on purchase of under construction property from a reseller
- SALARY CAN BE CAPITALIZE
- TAX AUDIT ON PROFESSIONAL INCOME
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
