Insuance claim money
This query is : Resolved
26 November 2012
We have written off loss due to fire in the books. This loss consists of 2 items - stock and fixed assets. Now we have received the insuance money. What will be the tax implication on money recevied against stock and money recevied against fixed assets
26 November 2012
1. Money received against loss of stock shall be treated as business income.
2. Money received against fixed assets shall be reduced from the block of assets.
2. Money received against fixed assets shall be reduced from the block of assets.
26 November 2012
But the block of assest is nil because we have written off the assets last year and claim money received this year
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