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Block of asset

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 April 2014 whether an asset purchased in current yr. but to b used after few years should be added in the block of asset?

if it should b added then for the purpose of claiming dep. dp we need to check the asset individually?
coz we cannot claim dep. on the asset not being used

23 April 2014 As far as Income tax is concerned the depreciation has to be charged only if the asset is put to use. If the asset is purchased but not put to use then dep. cannot be claimed. Also for income tax purpose we need to calculate tax on entire block of asset and not individually.

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 April 2014 Do we need to add that asset in block of asset though we will not use it for nxt fw yrs.
For claiming dep.we tk value or block n nt asset individually.so if we add such an asset in block then hw to claim dep.leaving that asset






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