Asset destroyed

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)
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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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