Section 45(1a) ?
This query is : Resolved
10 August 2010
Section 45(1a) "insurance claim recevied in regards to damage or destruction of capital asset"
plz explain this in easy way in ponts
thanks
Section 45(1a) "insurance claim recevied in regards to damage or destruction of capital asset"
plz explain this in easy way in ponts
thanks
Aditya Maheshwari
(Expert)
10 August 2010
In case an asset has been severally damaged or destructed and the same was covered under insurance and claim received from insurance company will be deemed to be sale consideration for the asset destroyed.
CA. RAGHAV GARG
(Expert)
19 January 2013
As far as I read the section, it says Profits or Gains arising from such receipt.
i.e. Consideration received Less (W.D.V.) Cost of Asset as per Books will be the profits which will be taxable, since depreciation was already provided on same.
i.e. Consideration received Less (W.D.V.) Cost of Asset as per Books will be the profits which will be taxable, since depreciation was already provided on same.
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
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- 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
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
