Capital loss on theft of jewellary??

Ajay Chavan

SAP- consultant

26 Points Posted on 04 January 2011

Hi,

Can anyone please tell me whether theft of personal jewellary can be claimed as a deduction anywhere for a person who is having salary income, house property income and income from other sources.

Jewellary is appearing in capital of assessee, so i think capital will get reduced, but what about deduction on account of loss, can we claim it as a capital loss??

Replies (2)

CA MAYANK WADHERA

CA CS CMA(I)

663 Points Posted on 09 January 2011

it will be acapital loss having no treatment as deduction for income tax purpose

CA MAULIK

C.A

1044 Points Posted on 12 January 2011

as its not a stock in trade for the client ,,so not allowed as a deduction..............

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Capital loss on theft of jewellary??

Ajay Chavan

CA MAYANK WADHERA

it will be acapital loss having no treatment as deduction for income tax purpose

CA MAULIK

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Capital loss on theft of jewellary??

it will be acapital loss having no treatment as deduction for income tax purpose

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