WDV of Asset was Rs.4,00,000/-.
Asset was destroyed by Fire, Insurance Claim received Rs.1,00,000.
Should I book loss of Rs 3,00,000 in P&l and whether it can claimed as expense in Income Tax Act ? Or wherther insurance claim is to be shown as Capital Gain ?
1 Replies
Nidhi
(Chief Accountant)
(3150 Points)
Replied 15 January 2022
Deduct 100000 from WDV, and write of remaining 3,00,000 balance.
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