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Vehicle insurance receipt

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 June 2016 can vehicle insurance receipt be treated as income and under what head?
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Rupesh Jain

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Rupesh Jain (Expert)
28 June 2016 its depend on the nature of receipts its repair claim or vehicle loss clam. for individual its person assets not taxable.
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Querist : Anonymous

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Querist : Anonymous (Querist)
05 July 2016 sir,please tell me the answer in both the above case if it's a business vehicle.
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Rupesh Jain

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Rupesh Jain (Expert)
05 July 2016 fop repaid its reduce from the repair cost. if its total loss then its treat as tfr of asets.
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