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Compensation received under motor vehicle act

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(Querist)
10 July 2012 an assessee has received compensation under motor vehicle act .whether it is taxable?
he has made claim of Rs.3.5lakhs to insurance co. and received rs.2 lakhs on final settlement
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
10 July 2012 Yes, it is exempt from tax..only interest on such compensation is taxable.
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CA Ghanshyam Joshi

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CA Ghanshyam Joshi (Expert)
12 December 2012 agree with Amit ji, compensation received under motor vehicle act is not taxable (exempt).
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