asset destroyed
This query is : Resolved
08 September 2008
i need clarification from income tax act w.r.t writeoff of a asset which got destroyed in fire during the PY.can the asset WDV written off completely?
08 September 2008
it can't be written off.
only insurance compesation is deductible from block.
only insurance compesation is deductible from block.
09 September 2008
Yes, Mr. Jitender has rightly said. The amount of Insurance claim may be adjusted in the block and the block value will be written off in the normal course over the years as depreciation on the remaining assets in the block.
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