18 November 2014
We are partnership firm & sold machine for Rs.1,50,000/- on dtd. 15-11-2014, value of the same as on 01-04-2014 is 113000/-. whether we show income Rs. 37000/- or diff. of Rs. 37000/- adjust with 15% block other blocks i.e. telephone, Office equipment etc.
19 November 2014
Each block of asset is treated differently under the Income Tax Act.
Adjustments in one block cannot be adjusted against other blocks.
In this case, if there is no other asset in the block, then the block ceases to exist. The gain of Rs. 37,000/- shall be a short term capital gain u/s 50
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