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Clarification regarding compensation received from Insuarance
28-Jul-2023 (In Tax Law)
Dear Sir, Compensation received from Insurance company in 17-18 for Loss of truck by fire will be taxable under INCOME TAX LAWS ?? Note :- I have shown Income u/s 44 AE in 16-17 . In 17-18 also there is truck income . 2) If it is TAXABLE PLS TELL THE PROVISIONS IN THIS REGARD.
You are liable to pay tax on capital gain on the amount received as compensation against the damage caused to your vehicle as per information that you have declared the truck income under sec 44AE of the income tax act , 1961.
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Adv. Pramod Kr. Shukla
Allahabad | 25+ Answers
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if you received any companstion from the insurance comapy this is not your income that year you can adjected this income in itr income from other source that is not taxable if you received any insurance policy payment
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Adv. Deepak Kumar Sharma
Hapur | 25+ Answers
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