Taxability of stolen car insurance amount
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2013
I want to know if the stolen car insurance claim received is taxable or not?
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.
.
If there is no asset in the block , excess received will be ST capital gain and short fall will be ST capital loss.
.
.
If there is no asset in the block , excess received will be ST capital gain and short fall will be ST capital loss.
.
Message likes :
1 times
30 June 2013
Tax free ,if the car is used for personal use only.
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