Dear friends. I am facing a problem regarding application of sec. 11(1A)
Assesse is Registered under sec 12 of IT Act & it is claiming depreciation as per books of accounts as regards to application of income. The Assesse has a depreciable asset which was was destroyed in A.Y. 12-13 and received a insurance compensation in A.Y. 13-14 . Now my Questions are:
1.How sec 11(1A) should be applied & what should be the cost of transfered asset for computation of capital gains?
2. If Sale consideration received ( Claim Received) is used for acquiring new capital asset , then what should be cost of new capital asset and how depreciation should be charged on new asset.
It is very urgent
CAclubindia
