Depreciation claim

This query is : Resolved

Hardeep Singh (Querist)
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30 May 2014 Dear Sirs
WDV as on 1-4-13 of a block of 60% (consisting Laptop, Camera and Data Card) is Rs.10500
During the year Laptop and data Card were stolen on 28-5-2013. There are no Additions during the year and No claim of Insurance is there.
Please provide me the calculation of Depreciation in the above case.
can the loss of theft may be allowed and if yes then how to compute

Rupesh Jain

Rupesh Jain (Expert)
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30 May 2014 yes you have to file fir and then you can calim as loss on theft. and no depreciation will allowed for F Y 2013-14

Hardeep Singh

Hardeep Singh (Querist)
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30 May 2014 Dear Sir Can you Please explain your answer with reference to Sections of Income tax act

Rupesh Jain

Rupesh Jain (Expert)
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30 May 2014 under income tax act depreciation charge on block of assets Opening Bal. + addition during the year- delection during the year/ sale price of assets= Bal.

depreciation charges on Bal. amount when your balance is NIL then Depreciation also NIL.

you can check u/s 43(6).

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