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income calculation
My bike was stolen in Nov 2016. I got insurance claim of approximately Rs.57000/- in month of August 2017. I would like to know whether this amount will be added to my income for income tax calculation for this year.
Replies (6)
As per Section 45(1A) any insurance claim received is taxable under the head capital gain
it will depend on the type of asset for which claim has been recd.... If it is for capital assets then subject to tax under capital gains head, if that asset forms part of a block then claim shall be reduced from wdv of the asset..... If it is for stock etc then trading receipt
Yes same will be added to your account......
insurance claim received for damage to capital asset is chargeable to tax. if you used your bike as business asset, to the extent of insurance amount, the value of the block will be reduced
I am a salaried person and I was using that bike for my personal needs not for any business purpose.
then no tax implication
Thank you very much.
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