Insurance claim on theft of vehicle

This query is : Resolved

sriram (Querist)
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06 October 2012 A situation were theres a theft of vehicle and depreciation has been claimed till 31st mar 12

Insurance claim has been received for the same by sep 2012 mid

My query is how to treat the insurance claim and whether to provide depreciation till sep 12 though vehicle is been lost from may 12?

Kindly post ur views

CA Sourabh Agarwal

CA Sourabh Agarwal (Expert)
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06 October 2012 For accountancy purpose provide depreciation till date of use, i.e. May'12. For tax purpose, depreciation is based on block and not individual asset.