25 September 2013
In case of a compnay WDV of a block of Assets consisting of 8 computers is Rs.25000 - Out of these 5 computers are sold for Rs. 60000.
Kindly guide as per Income Tax Act 1.)The value at which the Block is to be carried forward as 3 computers still remain. 2.) How much depreciation to be charged this year.
This problem arising because 3 computers still remain but the Salue Value is higher than the WDV of the block.
the block will be carried at Zero since the value is now reduced to nil however, you will have to calculate Capital Gains u/s 50(1) However, the block will continue to be shown in the ITR forms since, the assets under the same continue to exist
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