25 May 2016
Problems on dep. RPS LTD furnishes the following details in respect of block of assets (60% rate of dep.) A )WDV on 1-4-2014 consisting of 5 machines RS 25,00,000 B)ASSET ACQUIRED DURING THE YEAR IS RS 10,50,000 COMPUTE WDV OR CAPITAL GAIN OR LOSS IN FOLLOWNG CASES FOR P.Y 14-15 I)3 MACHINES HAVE BEEN SOLD DURING THE YEAR RS 20,50,000 II)Entire block sold during the year for RS 30,00,000 III) Entire block sold during the year for RS 45,00,000
25 May 2016
I) charge depreciation on (25,00,000+10,50,000-20,50,000 = 15,00,000) II) short term capital loss = (25,00,000+10,50,000-30,00,000) = 5,50,000 III) short term capital gain = (25,00,000+10,50,000 - 45,00,000) = 9,50,000