Dear sir/Madam,
I had sold my machinary on March 2010. Can I avail the depriciation for year 2009-2010 for income tax purpose. Please advice me.
regards
Elango
Joey Tribbiani
(fdg)
(2010 Points)
Replied 29 September 2010
If u hv any other asset left in the block or still u hv some un written WDV then u will be able to claim depreciation otherwise calculate STCG under section 50.
C.A. LINESH PATIL
(CA)
(910 Points)
Replied 29 September 2010
under income tax block of assets theory concept is used,depreciation is not provided on individual assets.
block consist of similar kind of assets and on which same rate of depreciation is applicable.
further as per section 32 for charging depreciation two condition has to be fulfilled that is-
1.there has to be some assets in block AND
2.block must have positive WDV
if any of above condition is not fulfilled then depreciation would not be allowed and capital gain as per the provision of section 50 will be calculated.
WDV is calclulated is as follows-
Opening WDV - xxx
ADD:cost of assets purchase during the year - xxx
LESS:sale value of assets - xxx
( Closing WDV ) - xxx
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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