capital gain or loss & Deprication
This query is : Resolved
21 October 2010
Hi Friends..
plz clear my following some points..
when during the year one of fixed assets loss due to theft but block is not empty & insurance claim(not confurm amt) made but that is pending, so how we deal during the year; means that assest less from block during the year or wait tel the insurance claim received (becoz if we less it than we loss deprication during the year & assets also)?& when cliam received taxable or not?.
plz tel entirs also in books..
plz reply..thanks
plz clear my following some points..
when during the year one of fixed assets loss due to theft but block is not empty & insurance claim(not confurm amt) made but that is pending, so how we deal during the year; means that assest less from block during the year or wait tel the insurance claim received (becoz if we less it than we loss deprication during the year & assets also)?& when cliam received taxable or not?.
plz tel entirs also in books..
plz reply..thanks
CA Navin Jain
(Expert)
21 October 2010
you need to less assets from block and in future if u have received any amt transferred to profit and loss account
taxindiaconnect
(Expert)
21 October 2010
When you receive the insurance claim, deduct that amount from the block WDV
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