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Taxability of stolen car insurance amount

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 June 2013 I want to know if the stolen car insurance claim received is taxable or not?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
30 June 2013 The amount received against the stolen car compensates the insured. It has to be deducted from the WDV of the Car / Block.
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If there is no asset in the block , excess received will be ST capital gain and short fall will be ST capital loss.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
30 June 2013 Tax free ,if the car is used for personal use only.
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