Easy Office
LCI Learning

Insurance claim recieved is taxable or not.

This query is : Open 
Profile Image

Profile Image

(Querist)
26 April 2010 Case is :

There is salaried person, who has spent Rs. 15000 on getting his car repaired.
After wards he gets Rs. 5000, from insurance company.

On this my query is :
1. whether Rs. 5000, is taxable or not?
2. ehich section would be applicable??

Thanks in advance....
Profile Image

Aditya Maheshwari

Profile Image

Aditya Maheshwari (Expert)
26 April 2010 It is like a reimbursement of expenses and hence it will net of your expenditure and net motor car expenses will be Rs. 10,000 i. e. 15000 - 5000
Profile Image

CA Devanshi Gandhi (Ajani)

Profile Image

CA Devanshi Gandhi (Ajani) (Expert)
26 April 2010 agree
Upgrade to CAclubindia Pro. Subscribe Now!

Profile Image

CA Ravi Sisodia

Profile Image

CA Ravi Sisodia (Expert)
26 April 2010 Rs. 5000 is not taxable becouse it is not revenue receipt on regular basis.
Profile Image

Aditya Maheshwari

Profile Image

Aditya Maheshwari (Expert)
27 April 2010 Dear Sisodiaji
Could you quote some section or case law supprting your view so that we can also be updated on the same.
Profile Image

Amit Gupta

Profile Image

Amit Gupta (Querist)
06 May 2010 Thanks to all experts for ur opinions...
but can some body quote any section to refer on this???

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro
Live Budget News and Updates

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links