Taxability of loss by theft of salary individual
This query is : Resolved
03 January 2016
HELLO,
All TAX EXPERTS, C.A & C.A students pls. consider following situation & comment.........
Mrs. A who is a salaried employee person earning less than Rs. 15 lac her capital assets(i.e. personnel jewellary) was stolen on 25/08/2014, amounting to approx Rs. 6lac, she had file a police complaint for it till that no stolen jewellery is recovered . The assesse has not taken insurance of that jewellery. My question is how to show the effect of such loss by theft while filing income tax return for F.Y.2014-15 of a salaried people. Whether to show as Long term capital loss, if yes then presentation of it and whether it will be allowed to be carried forward under income tax act, and if no then what are the other ways to show it in income tax return.
Please give due reference of revelant sections & Case laws.
All TAX EXPERTS, C.A & C.A students pls. consider following situation & comment.........
Mrs. A who is a salaried employee person earning less than Rs. 15 lac her capital assets(i.e. personnel jewellary) was stolen on 25/08/2014, amounting to approx Rs. 6lac, she had file a police complaint for it till that no stolen jewellery is recovered . The assesse has not taken insurance of that jewellery. My question is how to show the effect of such loss by theft while filing income tax return for F.Y.2014-15 of a salaried people. Whether to show as Long term capital loss, if yes then presentation of it and whether it will be allowed to be carried forward under income tax act, and if no then what are the other ways to show it in income tax return.
Please give due reference of revelant sections & Case laws.
03 January 2016
For a salaried employee no loss of personal asset can be claimed in the return.
Message likes :
1 times
04 January 2016
SIR,
THANK YOU, FOR THE ANSWER,
BUT I AM STILL NOT SATISFIED WITH ANSWER, SIR SEE IF WE WOULD HAD THAT ASSETS AND WERE SOLD WE WOULD WRITE LONG TERM CAPITAL GAIN THEN FOR SUCH LOSS BY THEFT WE CANT WRITE LONG TERM CAPITAL LOSS.
THANK YOU, FOR THE ANSWER,
BUT I AM STILL NOT SATISFIED WITH ANSWER, SIR SEE IF WE WOULD HAD THAT ASSETS AND WERE SOLD WE WOULD WRITE LONG TERM CAPITAL GAIN THEN FOR SUCH LOSS BY THEFT WE CANT WRITE LONG TERM CAPITAL LOSS.
05 January 2016
For business such loss is allowed, on the same analogy claim it as a long term capital loss which can't be adjusted against salary income. It can be carried forward and set off in future on long term capital gains.
Message likes :
1 times
05 January 2016
Sir, thank you,
So as per your answer, I need to show the loss amount as long term capital loss in her return and get the setoff in next few years.
So as per your answer, I need to show the loss amount as long term capital loss in her return and get the setoff in next few years.
06 January 2016
Yes you are right.......
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
- PAN Migration to New AO
- Tax implications of gift to maternal uncle
- How to open attachment in 23ac xbrl
- Input Tax Credit Puf panels
- Gifts in cash
- Excess TDS Paid - Form 26QC
- Capital gains LTCG
- 26QB correction - no data available error for fully consumed/processed with default
- TDS on Purchase of Immovable Property in case of Co Owner
- Demand due to error in 3cd
- Unlisted share purchased that time the share was unlisted
- About AIS Report
- EBRC Generation
- AS-16 Treatment of Borrowing cost for land and building
- HSN Wise Summary Reporting in GSTR-1
- TDS on Payment to Non-Resident by Resident Foreign Entity
- HOW TO CALCULATE FOOD CHARGES
- Travel Agent Charges 5 GST without ITC. Can he raise invoice18 on Service Fee for Flight Tick
- Income tax planning
- Please help with SAC Codes (6 digits) for below mentioned services provided by Chartered Accountant
Trending Online Classes
-
Certification Course on GSTR-3B Reconciliation with GSTR-2B through Chat GPT
CA Deepak Gupta26 April 2025
CAclubindia
