I have received the insurance compensation for a totally damaged car after accident.Will it be Taxable income?

Question by ashok a: I have received the insurance compensation for a totally damaged car after accident.Will it be Taxable income?
The insurance compensation is meager compared to what I paid to buy the car but that's the different Q.but I am confused,will that money will be considered as income and will I have to pay Income Tax on that?Any way I have lost the car but I am saved.


Best answer:
Answer by Ali MNo, you will not have to pay taxes on that.

Know better? Leave your own answer in

Read more ...