It returns for insurance settlement

Seprac (13 Points)

22 July 2018  

Dear All,

Good evening. I have a small questionswith respect to ITR filing.

1) When someone recieves a huge sum on account of insurance compensation from overseas against the loss of life, I know that the compensation amount is tax free at the hands of the beneficiary. But I would like to know if it is necessary to report the same while filing the ITR.

 

 

 

Thanks a lot for your help.

 

Regards

 

Seprac