banner_ad

Taxability of interest

This query is : Resolved 
Profile Image

Profile Image

(Querist)
18 February 2015 I HAVE RECEIVED COMPENSATION UNDER MOTOR TRIBUNAL ACCIDENT FROM INSURANCE COMPANY OF RS 10 LAKH. I GOT 70% PERMANENT DISABILITY. COMPENSATION IS AWARDED 3.66 LAKH WITH 9% INTEREST. WHAT WOULD BE TAXABILITY?
Profile Image

CA. Anoop Bhatia

Profile Image

CA. Anoop Bhatia (Expert)
18 February 2015 The compensation received under accidental claim should not be taxable as it is a capital receipt and there is no specific charging section under the provisions of Income Tax Act 1961 even. However the interest received thereof should be chargeable to tax as income from other sources.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details