Taxability | Motor insurance | General insurance claim
Автор: TaxTune GST
Загружено: 2021-08-13
Просмотров: 1400
Описание:
Taxability: Claim of motor accident claims either on death or disablement
Not taxable since it’s a capital receipt
Interest payable by insurance companies on account of delay in processing of claims
Tds is deducted by the insurance company
Taxability: Claim for damage of property insured
Section 45(1A)
Profit arising on receipt of claim on damage or destruction of capital asset
Capital Gain
Destruction of stock would be treated as Profit and Gains from Business or profession
Profit means (Claim amount received – Cost of asset damaged or destroyed)
CA Sahil Rakhecha
Whatsapp: 8989504600
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