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Insurance claim

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(Querist)
04 January 2014 if value of the car in books Is lesser than the value received as claim from insurance company in case of theft of car how is excess amount treated, is the difference between the two will be calculated as profit.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
05 January 2014 yes. it will be considered as gain on fixed assets

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