Stock insurance claim recd

stock insurence claim received which head is taxable
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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.

Income from Business Profession
Salvage value of stock has got to be adjusted with the claim amount.

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