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Loss due to fire
Can you claim loss due to fire in case of income tax if no insurance claim is received?
Replies (5)
https://indiankanoon.org/doc/1118122/
REFER TO THIS LINK
This loss due to fire treated as capital loss. therefore, not incidental to business, and are added back."
If neither any asset nor any money is received against loss of asset from insurance company company,then there would be a capital loss and which has no tax treatment.
Thank you for your answer. But what if property worth 1 lakh is destroyed and claim received is 10 thousand. Can we claim the balance loss?
| Originally posted by : Anurag | ||
 |
Thank you for your answer. But what if property worth 1 lakh is destroyed and claim received is 10 thousand. Can we claim the balance loss? |  |
By "Property" if you mean a capital asset, then you cannot claim any deduction at all. However if there is a loss of stock to the extent not covered by insurance then you can claim deduction. Read the entire judgement linked here
https://indiankanoon.org/doc/1118122/
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