Theft Section

Generally you may deduct casualty and theft losses relating to your home household items and vehicles on your federal income tax return if the loss is caused by a federally declared disaster declared by the president.

Theft section. 1 except as otherwise provided in paragraphs b and c of this section any loss arising from theft is allowable as a deduction under section 165 a for the taxable year in which the loss is sustained. A deprive the other person of a right to the property or a benefit from the property. Theft as defined in section 31 03constitutes a single offense superseding the separate offenses previously known as theft theft by false pretext conversion by a bailee theft from the person shoplifting acquisition of property by threat swindling swindling by worthless check embezzlement extortion receiving or concealing embezzled property and receiving or concealing stolen property.

1 a person commits theft if he or she knowingly obtains or uses or endeavors to obtain or to use the property of another with intent to either temporarily or permanently. 1 property means all forms of tangible property whether real or personal without limitation including documents of value electricity gas water corpses domestic animals dogs pets fowl and heat supplied by pipe or conduit by municipalities or public utility companies and articles as defined in clause 4 representing trade secrets which articles shall be deemed for the purposes of extra session laws 1967 chapter. 1 165 8 theft losses.

Theft whoever intending to take dishonestly any moveable property out of the possession of any person without that per son s consent moves that property in order to such taking is said to commit theft. See section 165 c 3. It is given that movable property.

In order for theft to have occurred the property being stolen must be taken from the. A allowance of deduction. The property that is in.

Section 378 in the indian penal code 378. Section 22 of ipc has provided the definition of movable property.