Insurance Claim Received
This query is : Resolved
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 ?
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Legal heir raised refund , but refund issued to the closed account of deceased.
- TDS NUMBER SURRENDER
- Gst Sales of FY 2023-24
- Offsetting interest income against derivative trading losses
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- RCM - commercial rent paid to URP under GST
- Doubt in Form AOC 4
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
