Depreciable asset gifted
This query is : Resolved
28 May 2008
If the office premises( on which depreciation is charged) is gifted by a person to his son. The cost would be wdv.
Now if the same is transferred suppose on 1st March, who will be able to claim derpecition for the first 6 mths?
Example:-
opening block is Rs. 100
and the same is gifted to his son on 1st March and depreciation rate is 10%
who will be able to claim Rs. 5.i.e. depreciation of first 6 months. The deprication of last 6 months would be claimed by his son
Now if the same is transferred suppose on 1st March, who will be able to claim derpecition for the first 6 mths?
Example:-
opening block is Rs. 100
and the same is gifted to his son on 1st March and depreciation rate is 10%
who will be able to claim Rs. 5.i.e. depreciation of first 6 months. The deprication of last 6 months would be claimed by his son
28 May 2008
under block method, there is no provision of deducting the wdv of gited asset, so father will continue to avail dep. benefit.
on the other hand, son will claim dep as per explanation 2 of sec 43(1) for 6 months.
it is a case of ommission in i.t. act
on the other hand, son will claim dep as per explanation 2 of sec 43(1) for 6 months.
it is a case of ommission in i.t. act
28 May 2008
thanks
if it is only asset then will they will lose depreicaiton for the first 6 months?
if it is only asset then will they will lose depreicaiton for the first 6 months?
28 May 2008
yes, but on the other hand they will avail benefit of stcl equal to block wdv, because in block system stcl will arise if there is no asset in that block.
so, ultimatly no loss.
so, ultimatly no loss.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
