Third party claim received due to accident.
This query is : Resolved
24 April 2019
WE HAVE RECEIVED INSURANCE CLAIM AMOUNTING 700000 RS FOR ROAD ACCIDENT OCCURED IN 2007 WE ALSO PAID 250000 RS AS CHARGES TO LAWYER, NOW WHAT WILL BE TREATMENT UNDER INCOME TAX ACT AND ACCOUNTING THEREOF.
K Srinivas, CMA CS
(Expert)
28 April 2019
Whether the motor accident resulted in disablement or loss of life? If so, then it is in the nature of capital receipt and hence tax free
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