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Whether Insurance Claim on Car is taxable in DELHI

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KULDEEP (Querist)
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07 September 2009 WE ARE AN EXPORTER ONE CAR OF OUR COMPANY HAS BEEN STOLEN AND A CLAIM HAVE RECIEVED FROM INSURANCE COMPANY AND IT HAD BEEN SHOWN IN FIXED ASSEST CHART COLOUM ADJUSTMENT WHETHER IT IS CHARGABLE FOR VAT OR NOT IF YES THEN WHICH SEC CODE

Sanjeev Kumar

Sanjeev Kumar (Expert)
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07 September 2009 No, because you got the insurance for stock not for sales. but remember if you have claimed any VAT input for that car then you should reverse the same in the m/o thift happened.

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