07 January 2016
Sir/Madam I have 2 tables used since 2 years having WDV as on 31/03/2015 is Rs. 1,000. On 12 th Dec 2015 I have purchased (put on used on same date )1 table RS 2000. However I sold the table purchased on 12 th Dec at 3500. Now what will the short term capital gain and Depreciation ? If the selling amount is Rs. 2800 the what will be effect ?
07 January 2016
1. If you sale any table for Rs 3500/- - STCG will be Rs 500. Since the wdv of block has been reduced to zero no depreciation will be available.
2. In second case (1000+2000-2800)=200. Depreciation on Rs.200 will be provided @ 10%.
CAclubindia
