Rupesh Soni (Taxation Consultant & CA final student) (493 Points)
08 May 2014
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 08 May 2014
Cost of new assets purchased will be added to 15% block but no dep . will be charged for FY 2013-14 because it would put to use in FY 2014-15.
Rupesh Soni
(Taxation Consultant & CA final student)
(493 Points)
Replied 08 May 2014
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 08 May 2014
yes excess Rs. 1 lac will be deducted from block and closing value of block would be 1 lac
Rupesh Soni
(Taxation Consultant & CA final student)
(493 Points)
Replied 08 May 2014
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 14 May 2014
Rupesh
i withdraw my all previous answers for this query. new answers is as follows:
1. first of all you should claim dep on remaining value of Rs. 1 Lac irrespective of fact that new assets put to use in next financial year.
(CIT V. OSWAL AGRO MILLS LTD (2012)
next if you sold old assets in 15 Lac than stcg will be 3 lac. and closing wdv will be nil and no dep.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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