Tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 November 2014 The wdv of block of assset as on 1.4.2013 was 50000o. An asset of the same block was acquired on 11.5.2012 for 300000. There was fire in 18.9.2013 and the asset were destroyed by fire and the assessed r3ceived a sum of 1100000 from insurance company. Computer cg assuming
A... All asset were destroyed by fire
B.... part of assset were destroyed by fire
2... what will be the answer if assessee received a sum of 600000 from insurance co and assum
A.. All the asset were destroyed by fire
B... part of assset were destroyed by fire .... please answer

Rupesh Jain

Rupesh Jain (Expert)
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27 November 2014 if assets fully destroyed then you have to calculate the capital gain or loss as the situation.

on part destroyed then received amount will credit the exp. incurred for repair of assets.

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