Block of asset regarding
This query is : Resolved
11 July 2015
can insurance claim received consider as a sale of asset and reduce from block and if block is empty it will be a matter of capital gain ???? (2.)but if block is not empty than what is the treatment?? (3)can insurance can be show as receiveable instead of deduct from block of asset??? and last (4) if wdv of comp. 20000 and claim received 15000 in the midst of year depn. can be showed as 5000 instead of 12000
11 July 2015
1 Yes it can be treated as sale of asset and reduced from block. If block is empty it will be considered as other income.
2 If block is not empty it will be reduced from the block.
3 It has to be deducted from the block.
4 Depreciation can be shown on 5000.
2 If block is not empty it will be reduced from the block.
3 It has to be deducted from the block.
4 Depreciation can be shown on 5000.
11 July 2015
if assets is destroyed than its tfr. other wise it credited the exp. of repair of assets.
you have to reduce WDV-received= Balance x Depreciation rate
you have to reduce WDV-received= Balance x Depreciation rate
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