03 March 2019
In the F.Y 2018-19 I met with an Accident and my car was fully damaged. The WDV of my car was 4.23 Lakh whereas I received 3 Lakh from Insurance company. This was the only asset in my block of asset.
What would be the tax treatment Under Income Tax Act.Do I need to deduct the loss from capital account or Can I get any benefit under Income Tax?
CAclubindia
