Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 May 2015
If any plant & mach. (for eg. vehicle) is transferred on the last day of the previous year eg. on 31.3.2015 after using it for the whole year.
whether the assesse can claim depreciation in computing net profit.?
Whether there would be different situation if the firm is computing dep. on block of assets method or individual assets wise.
Thanks in advance.
whether the assesse can claim depreciation in computing net profit.?
Whether there would be different situation if the firm is computing dep. on block of assets method or individual assets wise.
Thanks in advance.
12 May 2015
Depreciation is always considered at the time of transfer of assets to calculate the profit / loss on sale of assets so its effect will any way come in either of the case.
It will not make much difference. except profit or loss elements on transfer of assets if either of the method is followed.
It will not make much difference. except profit or loss elements on transfer of assets if either of the method is followed.
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 May 2015
Thank You Sir.
If wdv as on 1.4.14 was 500000/- and vehcile was tfd on 31.3.15 for 425000/-.
So whether we should take depreciation @ 15% on 5 lac at 75000/- and put it zero as on 31.3.15 or
we should claim loss on sale of asset at rs.75000/- and do not claim depreciation.
Please clerify.
If wdv as on 1.4.14 was 500000/- and vehcile was tfd on 31.3.15 for 425000/-.
So whether we should take depreciation @ 15% on 5 lac at 75000/- and put it zero as on 31.3.15 or
we should claim loss on sale of asset at rs.75000/- and do not claim depreciation.
Please clerify.
12 May 2015
In your case Depreciation shall be Rs. 75,000/- and profit/ loss on sale of asset shall be Rs. NIL.
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
