depreciation-block of assets
This query is : Resolved
25 March 2010
What if I have a block of assets having plants A and B value of which is 2 lacs.I buy plant C on 1st Dec for 2.4 lacs.And sell plant A and B on 2nd Dec for 2.2 lacs.Would there be any short term capital gain or/and would be a 50% depreciation on plant C?Thank you.
25 March 2010
as per my opinion
Block - 2+2.4-2.2=0.2
no short term capital gain because of your block exist and normal 7.5%(half of 15%)dep. chargeable on plant c.
Block - 2+2.4-2.2=0.2
no short term capital gain because of your block exist and normal 7.5%(half of 15%)dep. chargeable on plant c.
25 March 2010
Thanks.You meant to say
2+2.4-2.2=2.2
What if
A & B->2lacs
C bought on 1st Dec for->2.2 lacs
A & B sold for 10 lacs on 2nd Dec.
2+2.4-2.2=2.2
What if
A & B->2lacs
C bought on 1st Dec for->2.2 lacs
A & B sold for 10 lacs on 2nd Dec.
26 March 2010
yes,
then block exist at 0 value,
2+2.2-10=5.8
short term capital gain of Rs. 5.8lacs,
for more details refer sec. 50 of it act
then block exist at 0 value,
2+2.2-10=5.8
short term capital gain of Rs. 5.8lacs,
for more details refer sec. 50 of it act
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
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- 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
- 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
Trending Online Classes
CAclubindia
