Insurance claim on theft of vehicle
This query is : Resolved
06 October 2012
A situation were theres a theft of vehicle and depreciation has been claimed till 31st mar 12
Insurance claim has been received for the same by sep 2012 mid
My query is how to treat the insurance claim and whether to provide depreciation till sep 12 though vehicle is been lost from may 12?
Kindly post ur views
Insurance claim has been received for the same by sep 2012 mid
My query is how to treat the insurance claim and whether to provide depreciation till sep 12 though vehicle is been lost from may 12?
Kindly post ur views
CA Sourabh Agarwal
(Expert)
06 October 2012
For accountancy purpose provide depreciation till date of use, i.e. May'12. For tax purpose, depreciation is based on block and not individual asset.
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