12 March 2020
Can anyone please suggest the taxibility of insurance claim received under motor vehicle accidental and deduction of expenses for earning such income like lawyer fees etc
12 March 2020
Insurance claim received is not taxable as it's a compensation for loss incurred. Legal expenses can be deducted. TDS might have been deducted on interest paid. Show it as income from other sources after deducting legal expenses if any.
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