One asset is Destructed due to fire... What will be tax consequences no insurance claim received... If only one asset in block can we claim SLCL or continue charging depreciation
Please clarify thanx in advance
4 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 26 September 2017
Continue depreciation for the asset..
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 26 September 2017
if the block is exhausted due to the destructed asset then loss can be claimed else continue with the depreciation of that block and charge the loss after claiming insurance to revenue
Yash Chawda
(300 Points)
Replied 28 September 2017
no depriciation can claim becz the assets was not exist but these loss can be set off and carry forward
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