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asset destroyed due to fire

Tax queries 415 views 4 replies
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jaipur
149 Points Posted on 26 September 2017
One asset is Destructed due to fire... What will be tax consequences no insurance claim received... If only one asset in block can we claim SLCL or continue charging depreciation

Please clarify thanx in advance
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On 26 September 2017 at 11:28 Report
Replies (4)
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"Do the Right Thing...!!!"
128147 Points Posted on 26 September 2017
Continue depreciation for the asset..
463 Reply
On 26 September 2017 at 11:55
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Team Lead
7558 Points Posted on 26 September 2017
if the block is exhausted due to the destructed asset then loss can be claimed else continue with the depreciation of that block and charge the loss after claiming insurance to revenue
30 Reply
On 26 September 2017 at 20:27
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300 Points Posted on 28 September 2017
no depriciation can claim becz the assets was not exist but these loss can be set off and carry forward
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On 28 September 2017 at 22:19
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300 Points Posted on 28 September 2017
depend upon nature of loss
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On 28 September 2017 at 22:19


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