Sale of Fixed Assets
This query is : Resolved
MAKARAND DAMLE
(Querist)
27 December 2020
During f y 19-20 motor car was damaged in water logging and insurance claim was received
whether depreciation as per companies act can be claimed till date of disposal ?
also whether insurance claim received and subsequent profit earned i.e. insurance claim received minus w d v of car is business profit ?
whether depreciation as per companies act can be claimed till date of disposal ?
also whether insurance claim received and subsequent profit earned i.e. insurance claim received minus w d v of car is business profit ?
28 December 2020
The depreciation will be charged till the date of its disposal. Entire Insirance claim needs to be offered as Other Incomes.
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