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Capital Gains On Insurance Claims For Damage Or Destruction Of Capital Asset - Sec. 45(1A)

Income Tax - Capital Gains - 12 - SEC - 45(1A): CAPITAL GAINS ON INSURANCE CLAIMS FOR DAMAGE OR DESTRUCTION OF CAPITAL ASSET Where insurance claim is received in respect of capital asset damaged or destroyed, as a result of- Flood, typhoon, hurricane .....

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received from insurance company shall be deemed to be sales consideration for computing capital gains. Capital gains shall be taxable in the year of receipt of insurance claim. NOTES: If no claim is received on destruction of capital asset, no capit .....

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