Block depreciation
This query is : Resolved
12 April 2012
A firm has sold property in block and the partners have transferred another property at market value in the block in one F.Y. In the next F.Y. immediately can the firm be dissolved, as it has no business, and asset transferred back to partners at market value which would be nearly same as in previous F.Y.Any wrong from I.T point of view.
13 April 2012
Yes it can be done provided the provisions of section 45(4) is well taken in to consideration. This is also applicable to the stock in trade and the same is also required to be valued at market value at the time of dissolution of the firm
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