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
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.
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.
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