Depreciation when the fixed asset is sold for less than wdv
This query is : Resolved
26 September 2014
Dear All,
For
Opening balance of fixed asset
Wdv as on 01.04.2013 is RS.500000/-.If it was sold on 12.12.2013 for 200000/-,how much depreciation need to consider and how much capital loss need to show ?
26 September 2014
there wont be any depreciation in the year of sale.
27 September 2014
There should be depriciaton from April 2013 to 12.12.2013 .
Secondly, you have to mention total depriciation value upto 31.03.2014 you have considered so that it might be easy to calculate loss on fixed assets.
(500,000/-)If we considered upto 31/12/2013 depriciaton rate 40% than Depriciation amount will be 25000/- so you loss will be 500,000-200000-25000=275000/-
So your loss will be 275000/-
And Depriciation percetage consider as per your fixed assets as you didnt mention the type of fixed assets.
Secondly, you have to mention total depriciation value upto 31.03.2014 you have considered so that it might be easy to calculate loss on fixed assets.
(500,000/-)If we considered upto 31/12/2013 depriciaton rate 40% than Depriciation amount will be 25000/- so you loss will be 500,000-200000-25000=275000/-
So your loss will be 275000/-
And Depriciation percetage consider as per your fixed assets as you didnt mention the type of fixed assets.
27 September 2014
Nasir, you may check again. assuming block cease to exist, there wont be any depreciation if the asset is not being held at the end of the year.
27 September 2014
And what about SLM??
27 September 2014
the question is regarding Income-tax....
27 September 2014
Dear Nikhil ji,
I am asking about straight line method of Depriciation.
Can we calculate depriciation as i said earlier.??
Please clear..
I am asking about straight line method of Depriciation.
Can we calculate depriciation as i said earlier.??
Please clear..
27 September 2014
you can claim so in your accounts maintained under companies act or personal accounts. But while computing tax depreciation, you wont be able to compute in the manner provided by you.
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
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- RCM INVOICING FROM NOV-2024
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
Trending Online Classes
CAclubindia
