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Insurance Claim Treatment in ITR

Yogesh Kumar (Manager ) (27 Points)

21 July 2023

I had put up my house on Airbnb and while doing so some guests caused damage to my house so Airbnb paid me compensation. It is like Airbnb insures every hosts property so that Airbnb can pay the damages to house owners.

Now question is that how should I show or treat amount received from Airbnb in my ITR ? I

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7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (172434 Points)
Replied 21 July 2023

How much was the amount?

Whether TDS deducted over it? If yes, under which section?

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Yogesh Kumar (Manager ) (27 Points)
Replied 21 July 2023

Amount was 150000 and TDS was 1500 and same was submitted by Airbnb just like how companies submit TDS on dividends or interest on savings accounts. All this information was given in 26AS doc. Now my question is how do I treat this case while filling ITR ?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (172434 Points)
Replied 21 July 2023

You have to declare the income under head IFOS, and claim the amount of demurrage u/s. 57 IT act.

Yogesh Kumar (Manager ) (27 Points)
Replied 21 July 2023

The section that you specified is relevant for dividend income but in my case I have received income from Airbnb as a payment because someone damaged my house so it is similar to receiving money for insurance claim . So what should be done for filing ITR ?