Stock insurance claim recd

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17 Points Posted on 12 May 2022
stock insurence claim received which head is taxable
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On 12 May 2022 at 15:35 Report
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Quick Summary
This discussion addresses the tax implications of a received stock insurance claim. It clarifies that income from such claims generally falls under the 'Income from Business or Profession' head. Furthermore, it highlights the crucial step of adjusting the salvage value of the stock with the total claim amount when calculating taxable income.

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Practising CA
8954 Points Posted on 12 May 2022
Income from Business Profession
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On 12 May 2022 at 17:24
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Profession Business
28246 Points Posted on 15 May 2022
Salvage value of stock has got to be adjusted with the claim amount.
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On 15 May 2022 at 10:26

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