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Loss on sale of Fixed Asset

Vinay (Articled Assistant) (198 Points)

21 June 2011

Hi there are two assets

A bike WDV Rs.56,535 and a Car WDV Rs.11,33,350

Car has been sold in the preveous year 2010-11 for a sum of Rs.9,33,560.

Can Rs.1,99,790(Diff), be treated as STCL in the AY 2011-12 ???

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6 Replies

Karan Teli (Life Is just an Illusion...!!) (4573 Points)
Replied 21 June 2011

Hi Vinay...!!!

unless and untill the block is empty either in the form of quantity or in form of value you need to go for any capital gain provisions..

As per Sec - 50C(i)/(ii)) you need to exhaust your block either in the value or in physical form and in your case nothing is taken place, so u need not attract any provisions of capital gains....

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Vinay (Articled Assistant) (198 Points)
Replied 21 June 2011

Thank u very much..., Can i claim depreciation for the Balance Amount

Manoj BG (Tax Professional and in Service) (1795 Points)
Replied 21 June 2011

Definately, U can claim depreciation on the balance amount.

Thanks and regards,

Manoj

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 21 June 2011

yes depreciation can be claimed on the balance amount

Karan Teli (Life Is just an Illusion...!!) (4573 Points)
Replied 22 June 2011

Since the block is not exhausted in any form and manner u can claim depreciation on the closing balance of the block...

(Isilye deprecition block method me calculate karte he Income Tax me)

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CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 22 June 2011

Originally posted by : Karan Teli
	Since the block is not exhausted in any form and manner u can claim depreciation on the closing balance of the block... (Isilye deprecition block method me calculate karte he Income Tax me)