Wdv of block
This query is : Open
11 May 2016
Mr.X has block of assets worth Rs.1 crore. Dep rate of block is 15%. Entire block is destroyed due to fire. Rs.10 lakhs is recieved from insurance company. What is the tax treatment?? Please help me
12 May 2016
You have to book as loss by fire in your accounts and set off assets with received from insurance company.
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12 May 2016
by entering loss in your books of accounts you will reduce your company profit. your tax will be calculated with the loss of assets which is booked in your P&L Account.
13 May 2016
its treats as short term capital loss not come under business income.
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13 May 2016
Sir then how to treat 10lakhs insurance claim?? And 90lakhs will be the short term capital loss??
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