Question ID :
40772
Insurance compensation received along with interest
Kindly suggest me what is the tax implication "compensation received from United India insurance company against motor accident". Tax implication on compensation received and interest. Is there any exemption or deduction under section 57 on interest received?
Posted by
RAMESH K S
on
Aug 15, 2020
Filed Under
DIRECT TAXES
Answer ID :
81281
Compensation received for motor accident not taxable including interest as it is received on happening of certain event
Posted by
Hari Beldona on
Aug 30, 2021