ASSETS LOST BY FIRE NOT COVERED BY INSURANCE
This query is : Resolved
01 November 2020
While I know that it is a capital loss under Income Tax Act 1961, how do we present it in the depreciation chart for IT returns? This is a practical query for filling in the data for returns.
02 November 2020
Show it under disposal column of depreciation chart. Being depreciable asset chrge it fully to P&L as revenue expenditure. It's not a capital loss being depreciable asset it's only revenue loss.
06 November 2020
Thank you, Sir. I stated capital Loss presuming that the remaining value after deletion would be negative. So we need to show the WDV of the lost assets as deletions in the schedule, am I right?
06 November 2020
In the books of accounts show the assets under disposal book the loss to p&l. Under income tax under block of assets concept continue to depreciate it.
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