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Profit/loss on damage of motor car

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18 August 2014 WDV of Motor Car as on 1st April 2013, Rs. 571,745/- Car got damaged in an accident in March 2014 and Insurance claim received Rs. 525,842/- in March 2014 itself.. What will be the depreciation and will it be treated as Sale as money is received from Insurance company? What will be the Profit / Loss on sale of Motor Car?
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CA P K AGRAWAL

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CA P K AGRAWAL (Expert)
21 August 2014 Loss - wdv minus claim value received
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