I want to ask about insurance claim income.. suppose i will get a Accident insurance claim for rs.350000.00 so, all of this amount is taxable or non-taxable ? and TDS deducted in FY 2006-07 so, can get refund TDS amount now or not ?
27 April 2008
accidental claim is not the taxable income. it is capital receipt. you can get the refund if TDS is deducted subject to the other income and provisions of Income tax act.
06 May 2008
it will not be a part of income because it is capital receipt so it will be shown in Statement of Affairs or Balance sheet(Capital Account)and ITR from will depend of your sourse of income
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