Hi,
One of my client received huge amount of compensation from United Insurance company on account of Accident.
What's the tax liability on compensation and interest earned on compensation
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Compensation received on account of Accident
Replies (2)
Compensation received on account of accident is considered as Capital receipt and Exempt from tax subject to conditions.
Interest received on Compensation is taxable as " Income from other sources".
Interest received on Compensation is taxable as " Income from other sources".
Thank you,
in which section exemption will be claimed Sir...
in which section exemption will be claimed Sir...
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