Depreciation on Asset destroyed by fire
This query is : Resolved
02 October 2010
if an company has one plant installed on 30-12-2008 for15,00,000 & the same plant was destroyed in Sept, 2009, and gets insurance claim of10,00,000 then the company will get depr. for the accounting year 2008-2009 i.e. ok but Company Can Claim depr, for accounting year 2009-2010 ? & what is Short term Capital Gain ?
the company has only one plant. & no other asset in that block
the company has only one plant. & no other asset in that block
02 October 2010
No depreciation for 09-10 but a short term capital loss of Rs. = WDV on 01.04.09 - 1000000
02 October 2010
No Depreciation.
02 October 2010
In ma opinion Punit is correct.Depre is available only if, there is an asset in th block and it shd `ve some value. So, no depre in 2nd yr. Short term cap loss ( depreciable asset)can b claimed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- Annual return in Gst
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
