whether block is considered as nil
This query is : Resolved
11 October 2008
wdv of asset on 1/04/07 was 500000/- it was sold on 31/08/2007 afterwards another asset was purchased on 01/01/08, what will be its treatment on depreciation, shart term capital gain, and its wdv on 31/03/2008.
11 October 2008
In case there is a single item in the block and the WDV of the block is not extinguished even after adjusting the sale proceeds of other items of the block, depreciation may be calculated and claimed on the remaining balance. If there is a surplus, the same is taxable as STCG u/s 50.
12 October 2008
Sale value dt 31/8/07 and purchase value dt 1/1/08 may be given for an answer.
Also specify whether all the three assets are in the same block.
Also specify whether all the three assets are in the same block.
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