Claim for furniture destroyed written off
This query is : Resolved
27 December 2013
Hi!!!! experts
i want to ask that there was a hotel in which one room catched fire and the whole furniture got destroyed and accordingly it was written off 100%.Now after sometime an assessee got insurance claim.In which head should he show his claim either under other sources or income from capital gain????
i want to ask that there was a hotel in which one room catched fire and the whole furniture got destroyed and accordingly it was written off 100%.Now after sometime an assessee got insurance claim.In which head should he show his claim either under other sources or income from capital gain????
27 December 2013
Hi
As per Section 45(1A) any insurance claim received is taxable under the head capital gain
Thanks//VaibhavJ
As per Section 45(1A) any insurance claim received is taxable under the head capital gain
Thanks//VaibhavJ
27 December 2013
thanks a ton sir!!!!!!!
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- ITR-Capital Gain
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Loss of interest in PF transfer from EPFO to Trust
- Taxation on Old jewellery sold
- Rent claimed on building given on permissive possession basis
- Traces submitting correction statement error
- Residential status of non resident
- Short Term Gain Reporting ITR
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- 44AD, 44ADA business details
- PF wage ceiling
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
