Due to fire, bldg, plant and stock was destroyed. Assesee claimed say 1 cr, but insurance company settled the claim at say 60 lakh.
Whether assesse can claim 40 lakh as write off under Income Tax Act
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 06 February 2020
Yes... Then how it will be accountable...
SHIVANI KUDTARKAR
(511 Points)
Replied 06 February 2020
In my opinion, bldg n plant r depreciable assests. Hence, STCG should be calculated
rama krishnan
(12239 Points)
Replied 06 February 2020
What you claimed is irrelevant here. after destruction, if the respective block of assets cease to exist, then difference between wdv and 60 lakhs will be chargeable either as short term capital gain or short term capital loss, as the case may be
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