Insuance claim money

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ABHISHEK (Querist)
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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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

ABHISHEK

ABHISHEK (Querist)
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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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