13 March 2010
Buisness assets are those which are used for the purpose of buisness and depreciation is allowed on them if the same are owned by the assessee. the house that is purchased by the assessee and used for his buisness (given to the staff for their residential purpose) if the assessee sells those quaters or house than whether block of asset theory will be applicable (as i believe) or Capital gains would be applied on the same
14 March 2010
Hi Ankur, was it shown into the balance sheet of the business as business asset n dep claimed and shown into P/L a/c? if the answer is yes then block of asset theory will be applicable else capital gains would be applied on the same. Regards, CA Shakuntala Chhangani
CAclubindia
