Depriciation
This query is : Resolved
31 July 2012
WDV of a assets is RS 10000/- on 1/4/11. it is sold for Rs 20000/- on 31/12/11. and repurchase same block of assets of Rs 50000/- on 3/3/2012.what is treatment of depriation
31 July 2012
Block of asset can never be negative, hence on 31/12/11, u have a gain according to law, whether STCG or LTCG, and cannot claim depr on Rs. 10000 but u can claim depr on Rs. 50000 at half rate.
Hope your query is resolved
Hope your query is resolved
Guest
Guest
(Expert)
31 July 2012
When asset is sold during the year, then depreciation is not charged for that year. Hence your gain will be Rs. 10000/- (20K-10K)
since block gets nil.
And it is STCG since depreciated assets gain are always short term inspite of holding period.
With Regards
since block gets nil.
And it is STCG since depreciated assets gain are always short term inspite of holding period.
With Regards
01 August 2012
i agree with adeesh sir
01 August 2012
Me and neha was wrong.sorry for that
Right answer is..udont have any gain or loss,and depreciation shall be on Rs. 40000 at half rate.cz we see block value at the year end for depreciation purpose.
Right answer is..udont have any gain or loss,and depreciation shall be on Rs. 40000 at half rate.cz we see block value at the year end for depreciation purpose.
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Guest
Guest
(Expert)
01 August 2012
Dear aadish,
As per my understanding block of asset is not seen at the end of FY.
STCG will occur in this case.
As per my understanding block of asset is not seen at the end of FY.
STCG will occur in this case.
02 August 2012
As per the concept block of asset will only be seen at last 31.03.xx
Guest
Guest
(Expert)
03 August 2012
Thanks aadish for d correction.
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