Insurance Claim Received
This query is : Resolved
MAKARAND DAMLE
(Querist)
26 November 2020
During F Y 19-20 water logging in office happened and damages were claimed from Insurance company which were received.
whether this receipt towards insurance claim will be income chargeable to tax
If yes whether GST is payable on this claim receipt ?
whether this receipt towards insurance claim will be income chargeable to tax
If yes whether GST is payable on this claim receipt ?
pradeep goyal
(Expert)
26 November 2020
As far as income tax is concerned, difference (if any) between damage amount & claim amount will be taxable as capital gain-refer section 45(1A) of income tax act. if no profit, than no tax.
As far as GST is concerned, there is no GST on claim receipt as same is not falling into definition of "SUPPLY" hence it is Non-GST Supply.
As far as GST is concerned, there is no GST on claim receipt as same is not falling into definition of "SUPPLY" hence it is Non-GST Supply.
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