Taxability of motor accident claims received
This query is : Resolved
23 November 2013
Whether Claim received with interest on Motor Vehicle Insurance is taxable or not in Income Tax Act,1961.
If yes, then under which head?
If yes, then under which head?
CA PARAS BAFNA
(Expert)
24 November 2013
Please specify in details about the nature of loss resulted in insurance claim.
.
Motor vehicle Insurance claim received against the damages of the vehicle is going to be taxable but you can claim the cost of repairs. In case of complete destruction of vehicle, the amount will be credited to the block of asset.
.
Interest is taxable in many cases.
.
Motor vehicle Insurance claim received against the damages of the vehicle is going to be taxable but you can claim the cost of repairs. In case of complete destruction of vehicle, the amount will be credited to the block of asset.
.
Interest is taxable in many cases.
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