CAR DAMAGED due to floods - Exp. incurred 90,000 - insurance got 40,000 / to treat

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e-TDS + IT return filer Hyderabad
731 Points Posted on 06 February 2021

INDIVIDUAL Assesee ....

car damaged due TO FLOODS - expenditure incurred for repair is 90,000 apps.

Insurance allowed is Only 40,000.

Can this loss be deducted from the PENSIONERS - PENSION AND OTHER INCOMES

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On 06 February 2021 at 13:34 Report
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Quick Summary
If your car has been damaged by floods and the repair costs exceed your insurance payout, you might be wondering if you can deduct the loss from your pension or other income. Unfortunately, tax rules do not allow for the deduction of car repair expenses, even those incurred due to flood damage, from your pension or other sources of income.

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Chartered Accountant
24588 Points Posted on 06 February 2021
No such loss cannot be deducted from such head
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On 06 February 2021 at 14:18
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150 Points Posted on 06 February 2021
No such deduction is allowed.
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On 06 February 2021 at 18:22
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17269 Points Posted on 06 February 2021
No car damage repair expenses are deducted from any source of such income
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On 06 February 2021 at 18:50

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