https://www.taxtmi.com/acts?id=49515 A new provision treats receipts from an insurer for damage to or destruction of a capital asset as Capital gains, deeming such receipts the income of the previous year in which they are received; for section 48 purposes the money received or fair market value of other assets on the date of receipt is deemed to be the full value of the consideration. The rule applies to losses from specified perils and adopts the Insurance Act definition of "insurer." en-us Sat, 22 Feb 2025 10:57:11 +0530 Sat, 22 Feb 2025 10:57:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49515 A new provision treats receipts from an insurer for damage to or destruction of a capital asset as Capital gains, deeming such receipts the income of the previous year in which they are received; for section 48 purposes the money received or fair market value of other assets on the date of receipt is deemed to be the full value of the consideration. The rule applies to losses from specified perils and adopts the Insurance Act definition of "insurer." Act-Rules F. Acts / Amendment Acts Sat, 22 Feb 2025 10:57:11 +0530 https://www.taxtmi.com/acts?id=49515