DEPRECIATION AND CAPITAL GAIN
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 November 2010
WHEN A DEPRECIABLE ASSET AGAINST WHICH ADVANCE IS FORFEITED DEPRECIATION CAN BE CLAIMED ON WDV OR WDV LESS FORFEITED AMOUNT? AND WHAT ABOUT SHORT CAPITAL GAIN CALCULATION IF ASSET IS SOLD IN NEXT YEAR? I
24 November 2010
The advance need not be adjusted against the WDV it is a misc income. It will be exempt from tax being capital receipt. Yiu can claim depreciation in original value. in case of depreciable assets it is always short term capital gain.
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