Taxablility of general insurance compensation
This query is : Resolved
12 August 2014
Respected Sir
Wife had received compensation from General Insurance Company on road accidental death of her husband to the tune of Rs 350000. Whether this all sum of Rs. 350000 is taxable in the hands of wife? Is there any exemption for this receipt? Whether this is capital receipt ?
Wife had received compensation from General Insurance Company on road accidental death of her husband to the tune of Rs 350000. Whether this all sum of Rs. 350000 is taxable in the hands of wife? Is there any exemption for this receipt? Whether this is capital receipt ?
12 August 2014
taxable as income from other sources but any medical exp incurred for recovery of such accident is taxable
12 August 2014
It is a capital receipt will be out side the purview of tax.
12 August 2014
the principal amount is a capital receipt as Seetharaman said. whereas any interest received thereon shall be taxable as income from other source.
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