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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