Compensation awarded by court
This query is : Resolved
22 July 2014
I wanted to ask that what will be the tax treatment of compensation received from court on road accident of a person and it was a temparory injury??will it be taxable or non taxable?
22 July 2014
it is taxable under income from other sources.
22 July 2014
but i have read at several places that the compensation is paid out of personal injury and it should not be taxable or else can we claim expenses against this income spent on the treatement of the person ?
22 July 2014
see i can understand ur situation and felt bad about the incident but as per income tax act it is taxable yes u can claim exp actually incurred in this regard u/s 57.
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