Insurance Claim Received
This query is : Resolved
MAKARAND DAMLE
(Querist)
26 November 2020
During F Y 19-20 water logging in office happened and damages were claimed from Insurance company which were received.
whether this receipt towards insurance claim will be income chargeable to tax
If yes whether GST is payable on this claim receipt ?
whether this receipt towards insurance claim will be income chargeable to tax
If yes whether GST is payable on this claim receipt ?
pradeep goyal
(Expert)
26 November 2020
As far as income tax is concerned, difference (if any) between damage amount & claim amount will be taxable as capital gain-refer section 45(1A) of income tax act. if no profit, than no tax.
As far as GST is concerned, there is no GST on claim receipt as same is not falling into definition of "SUPPLY" hence it is Non-GST Supply.
As far as GST is concerned, there is no GST on claim receipt as same is not falling into definition of "SUPPLY" hence it is Non-GST Supply.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
