Loss due to fire

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 December 2012
Sir,

We have occured fire during 2012-13. but we have expectation that we are unable to receive amt of claim during this particular year.

so can we claim whole amount of loss in a.y.2013-14 ? and on realization of insurance claim amount show as income in a.y. in which we realized amount.

Mohit Naithani

Mohit Naithani (Expert)
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15 December 2012 Any profit arrise (claim - loss = Profit) from insurance claim recv by assessee is taxable as follow:

capital assest - Capital Gain.
Business Loss (eg stock) - Business Income.
Standing Crop - Agriculture Income Exempt.

its not taxable if agt any assest of personal effect.