Capital gains on insurance claims

Anirudh (Student) (299 Points)

14 September 2018  
Another Capital asset received from insurance company as insurance claim of a capital asset destroyed. What should be the treatment under capital gains if this asset is not a depreciable asset?
Doubt 1: Capital gain to be computed on the basis of FMV of asset received as claim
Doubt 2: Transfer is exempt and old asset's COA wud become new asset's cost as a freely transfer and past tracable scenerio.