Capital gain on Sale of depreciable assets

Shiva (CA) (37 Points)

04 January 2008  

When a depreciable asset being a machine  has sold from a Partnership Firm for an amount exceeding/lesser than its written down value, whether it is taxable as a capital gain/loss or business income/loss. (Machinery Acount contains other machine Also)

What is the amount to be deducted from machinery account ?  Either WDV of the same Machine or Net sale proceeds