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accident compensation

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(Querist)
24 July 2007 Whether the accident compensation received from Insuarance Co. exempt from Income Tax? If Yes,please let me know the section?
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Aditya Nemani

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Aditya Nemani (Expert)
24 July 2007 The claim received from the insurance company would be 'exempt' from income tax to the extent of the expenses incurred on the medical treatment. In my opinion, Compensation / Excess receipt would be taxable.
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CA Mani

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CA Mani (Expert)
25 July 2007 I too agree with Adithya.

Excess receipts will be taxable under Income From Other Sources.
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CA Mani

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CA Mani (Expert)
08 August 2007 .

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