Income tax computation

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Prakash Jain (Querist)
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18 September 2012 is the insurance claim received by way of damage to stock taxable under Income under other sources or is it under Profit and Gains from Business, where the assessee is a pvt ltd company?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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18 September 2012 Its received relating to the stock so under profits and gains from business it would be taxable.

OM SAI SRI SAI JAI JAI SAI

CA Dhiraj Ramchandani

CA Dhiraj Ramchandani (Expert)
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18 September 2012 Generally, it is not possible that you gain from insurance amount. As insurance companies pay lesser compensation than the loss, in most of the cases. But if one receives more amount from insurance company than the actual loss, it is charged under PGBP.

Pankaj Gupta

Pankaj Gupta (Expert)
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18 September 2012 Agree with the experts.

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