Income tax on personal accidental claim
This query is : Resolved
07 February 2018
IF A PERSON RECEIVE PERSONAL ACCIDENTAL INSURANCE CLAIM PROM A INSURANCE COMPANY AGAINST HIS ACCIDENT AND AMOUNT RECEIVED FOR REIMBURSEMENT OF MEDICAL EXP. AND TEMPORARY TOTAL DISABLEMENT CLAIM. WHETHER THIS CLAIM RECEIVED FROM INCOME CO. IS TAXABLE UNDER INCOME TAX AS INCOME OR NOT PLS REPLY.
07 February 2018
A claim received under accidental insurance policy will not be treated as an income. It is an expense that you have already incurred. Since insurance is a contract of indemnity and usually there is no profit element in the amount of claim received by the insured, the claim received will not be considered as taxable income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
