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.
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.
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.
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.
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
