Block of asset

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2012 Whether the Block of Asset is Asset Wise or Rate wise?
For e.g-If I have 1 Car & 1 Air condition i.e part of Office Equipment (on both of them we charge 15% Depreciation).

IF i sell the car should i compute Short Term Capital Gains as per Income Tax as the block of Motor Car is sold. or As Air Conditioner is still there i should not record the same

Pankaj Gupta

Pankaj Gupta (Expert)
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06 September 2012 All the assets of same kind having same rate of duty shall be grouped under one block. For eg. all the machines with 15% dep should be grouped under one block. While all other machines with dep 40% should be grouped under another block. and so on....

Pankaj Gupta

Pankaj Gupta (Expert)
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06 September 2012 In your eg stcg should not be computed , rather the sale price of car should be reduced from the block.( because block still exist).

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