capital gain or loss
This query is : Resolved
19 October 2010
Hi Friends..
when during the year one of fixed assets loss due to theft but block is not empty & insurance claim made but that is pending, so how you deal during the year & when cliam received also.
plz tel entirs also in books..
plz reply..thanks
when during the year one of fixed assets loss due to theft but block is not empty & insurance claim made but that is pending, so how you deal during the year & when cliam received also.
plz tel entirs also in books..
plz reply..thanks
19 October 2010
Since the block is ceased to exist , no depreciation will by charged and written down value will be treated as short term capital loss.
When the insurance claim will be recived, it will be treated as short term capital gain.
When the insurance claim will be recived, it will be treated as short term capital gain.
19 October 2010
Charge depreciation on the remaining block.i.e. on the remaining WDV.
For the asset which is lost, can transfer the loss to p&L account and the amount to be receivable from the insurance company will shown in the current asset as receivable.
In books of account there is nothing to calculate for capital gain.
For IT purpose you have to calculate the LTCG
For the asset which is lost, can transfer the loss to p&L account and the amount to be receivable from the insurance company will shown in the current asset as receivable.
In books of account there is nothing to calculate for capital gain.
For IT purpose you have to calculate the LTCG
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
