Loss due to fire
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 December 2012
Sir,
We have occured fire during 2012-13. but we have expectation that we are unable to receive amt of claim during this particular year.
so can we claim whole amount of loss in a.y.2013-14 ? and on realization of insurance claim amount show as income in a.y. in which we realized amount.
Sir,
We have occured fire during 2012-13. but we have expectation that we are unable to receive amt of claim during this particular year.
so can we claim whole amount of loss in a.y.2013-14 ? and on realization of insurance claim amount show as income in a.y. in which we realized amount.
15 December 2012
Any profit arrise (claim - loss = Profit) from insurance claim recv by assessee is taxable as follow:
capital assest - Capital Gain.
Business Loss (eg stock) - Business Income.
Standing Crop - Agriculture Income Exempt.
its not taxable if agt any assest of personal effect.
capital assest - Capital Gain.
Business Loss (eg stock) - Business Income.
Standing Crop - Agriculture Income Exempt.
its not taxable if agt any assest of personal effect.
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