Income tax computation
This query is : Resolved
Prakash Jain
(Querist)
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
(Expert)
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
OM SAI SRI SAI JAI JAI SAI
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
(Expert)
18 September 2012
Agree with the experts.
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