Depreciation on Asset destroyed by fire
This query is : Resolved
Amit Raval
(Querist)
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
CA Amit Joshi
(Expert)
02 October 2010
No Depreciation.
CA. Praveen Narayan
(Expert)
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.
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