Anand Khambe (CA Final) (39 Points)
11 January 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(173977 Points)
Replied 11 January 2017
Isn't it compensation received against any loss earlier?
Anand Khambe
(CA Final)
(39 Points)
Replied 11 January 2017
Yes...But if loss is not recognised in books or claim received exceeds the loss or expense, then will it be treated under Capital Gain head or adjusted with Capital Account of the Proprietor?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(173977 Points)
Replied 11 January 2017
Usually, the compensation never exceeds loss; but in your case it should be taxable under IFOS.
Anand Khambe
(CA Final)
(39 Points)
Replied 11 January 2017
Will it be having any effect on Value of Car in Balance Sheet?
Mukesh Kumar
(Accounts Manager)
(1466 Points)
Replied 12 January 2017
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