Profit/loss on damage of motor car
This query is : Resolved
Jigar Trivedi
(Querist)
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?
CA P K AGRAWAL
(Expert)
21 August 2014
Loss - wdv minus claim value received
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