Claim recd from Insurance Co is taxale for theft of Car
This query is : Resolved
09 September 2009
WE ARE AN EXPORTER ONE CAR OF OUR COMPANY HAS BEEN STOLEN AND A CLAIM HAVE RECIEVED FROM INSURANCE COMPANY AND IT HAD BEEN SHOWN IN FIXED ASSEST CHART COLOUM ADJUSTMENT WHETHER IT IS CHARGABLE FOR VAT OR NOT
IF YES THEN WHICH SEC CODE...?
IF YES THEN WHICH SEC CODE...?
09 September 2009
I dont think VAT is chargeable on it as its not a sale.
09 September 2009
Though the amount received would be regarded as your income under capital gain or loss i.e. adjust it with fix asset written down value
09 September 2009
WE ARE AN EXPORTER ONE CAR OF OUR COMPANY HAS BEEN STOLEN AND A CLAIM HAVE RECIEVED FROM INSURANCE COMPANY AND IT HAD BEEN SHOWN IN FIXED ASSEST CHART COLOUM ADJUSTMENT WHETHER IT IS CHARGABLE FOR VAT OR NOT
IF YES THEN WHICH SEC CODE...?
i want to know the sec ion which it is not taxable
IF YES THEN WHICH SEC CODE...?
i want to know the sec ion which it is not taxable
CA Kamal Gangaramani
(Expert)
11 September 2009
Since you have not mentined you state it is not possible to interprete the defination of sale and sale price under State Vat Laws. Please mention your state. Usually recipt from insurance company should not amount to sale
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