https://www.taxtmi.com/manuals?id=938 Insurance compensation received for damage or destruction of a capital asset is chargeable as capital gains only where the loss results from specified events such as natural calamity, riot, accidental fire or explosion, or enemy action. The insurance money or the fair market value of any asset received is treated as the full value of consideration, and the gain is taxed in the year of receipt. If no claim is received, no capital gain arises; stock-in-trade is excluded from this treatment. en-us Tue, 25 Aug 2015 14:47:00 +0530 Thu, 04 Jun 2026 12:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=938 Insurance compensation received for damage or destruction of a capital asset is chargeable as capital gains only where the loss results from specified events such as natural calamity, riot, accidental fire or explosion, or enemy action. The insurance money or the fair market value of any asset received is treated as the full value of consideration, and the gain is taxed in the year of receipt. If no claim is received, no capital gain arises; stock-in-trade is excluded from this treatment. Manuals Income Tax Tue, 25 Aug 2015 14:47:00 +0530 https://www.taxtmi.com/manuals?id=938