Insurance claim received on insurance
11 months ago
Under which section the insurance claim received on accident should be shown as exempted
A.Under Section 80C of the Income Tax Act, 1961, claims received against personal accident policies are not eligible for tax deduction. However, compensation awarded by Motor Accident Claims Tribunal – Interest awarded on compensation in motor accident cases cannot be considered as taxable income under the Income Tax Act, 1961- Interest on compensation awarded up to date of order of Tribunal or Court is also held to be not taxable.
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