Asset destroyed

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 May 2016 Dear Experts,
In the block only one asset is consist and
This said asset has been destroyed due to
fire as on 16/8/2016 however the WDV of
The block was 123689/- as on 1/4/2015, plz
Guide me as per IT weather depreciation
Will be charge or not if yes on which value,

Regard
Vivek chauhan

CA Darshan

CA Darshan (Expert)

07 May 2016 Insurance claim can be adjusted against the Asset block amount and remaining can be shown as a loss in fire. Depreciation can not be claimed (Assuming date of fire is 16/08/2015). If not then can be claim 1 year depreciation

Querist : Anonymous

Querist : Anonymous (Querist)

07 May 2016 Sir. There was No insurance..
Also Not any other assets in the block hence
The loss 123689/- will be written off in profit
& loss a/c and the same will be added back
While computing income....pls tell me as
The asset was destroyed on 16/8/2015
weather dep. Would be charge or not if not
Why and if yes on which value...

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