Due to fire, bldg, plant and stock was destroyed. Assesee claimed say 1 cr, but insurance company settled the claim at say 60 lakh.
Whether assesse can claim 40 lakh as write off under Income Tax Act
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Write off claim
Replies (3)
Yes... Then how it will be accountable...
In my opinion, bldg n plant r depreciable assests. Hence, STCG should be calculated
What you claimed is irrelevant here. after destruction, if the respective block of assets cease to exist, then difference between wdv and 60 lakhs will be chargeable either as short term capital gain or short term capital loss, as the case may be
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