WHETHER CAPITAL GAIN OR BUSINESS INCOME
This query is : Resolved
29 June 2009
ABC LTD. IS A MANUFACTURING CO. AND HAS PLANT & MACHINERY OF WHICH WDV (INCOME TAX)AS ON 1.04.2008 IS RS. 25 CRORES. DURING THE F.Y. 2008-09 A FIRE BROKE OUT IN ONE OF ITS MANUFACTURING UNIT RESULTING IN LOSS OF PLANT & MACHINERY WORTH RS. 50 LACS AND CURRENT REPLACEMENT COST OF THE DAMAGED P & M IS RS. 90 LACS. THE COMPANY HAS INSURANCE COVER OF RS. 5 CRORE FOR SUCH LOSSES. THE COMPANY CLAIMS RS. 90 LACS FROM INSURER TOWARDS THE LOSS. THE INSURER SETTLES THE CLAIM FOR RS. 65 LACS.
NOW MY QUERY IS THAT WHETHER RS 15 LACS (65 LACS - 50 LACS) IS TAXABLE AS CAPITAL GAIN OR AS BUSINESS INCOME.
PLEASE ANSWER ELABORATELY.
NOW MY QUERY IS THAT WHETHER RS 15 LACS (65 LACS - 50 LACS) IS TAXABLE AS CAPITAL GAIN OR AS BUSINESS INCOME.
PLEASE ANSWER ELABORATELY.
29 June 2009
As per Section 45(1A) Rs. 15 Lacs should be taxable under Capital Gain.
29 June 2009
Capital gain
29 June 2009
As per Section 45(1A) Rs. 15 Lacs should be taxable under Capital Gain.
29 June 2009
yes Mr. garg you must consider Rs.15lac as CG.
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
- Supply through E-commerce Operators
- STCG....................................................
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Sales return eway bill
- Relief u/s Section 89
- REGARDING GST LIABILITY/....
- Specified Profession
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- STCG FOR GOLD ETFs
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
