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income tax

Deepanshu arora (chartered accountant) (130 Points)

22 March 2010

we hv block of furniture which we want to write off in 9 yrs. whereas its life is 10 yrs. generally.

my Q. is can we claim whole depreciation in the 9th year insted of gradually write-off upto 10 years.

such depreciation not want to be claim as loss by taking value of block 0.

if any provisions in income tax then must mention section.

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4 Replies

CA AYUSH AGRAWAL (Kolkata-Pune-Mumbai) (26986 Points)
Replied 22 March 2010

No, there is no such section.....

u have to take it in 10% block only & write off in 10yrs.

or at end of 9th year u also can show it as capital loss on sale of asset. i.e 10th year depreciation by writing off the figure from asset

bharat (ARTICLE) (86 Points)
Replied 22 March 2010

There is only option in Income tax act that Dep on furniture can be claimed @ 10% of value of block on WDV basis. you have to claim depreciation until the value of block ceased to exist or sale consideration exceeds the value of block.... if furniture life is 9 year and no further addition will take place in next 9 years than you can show Capital gain or loss in 9th year.

SHUVRO ( (WANT TO LEARN) ) (175 Points)
Replied 23 March 2010

DEAR DEEPANSHU

YOU CAN

1. CHARGE DEPRICIATION FOR 9 YEARS

2. IN THE NINTH YEAR DISPOSE OFF THE ASSET AND CLAIM SHORT TERM CAPITAL LOSS IF POSSIBLE OTHERWISE U LL BE TAXED FOR LONG TERM CAPITAL GAIN

vivek singhal (Chartered accountant) (79 Points)
Replied 23 March 2010

dear deepanshu in my opinion u should purchase a chair or table.it is therefore sothat your block would be continued and u can claim depreciation on wdv of block. and u can write off your existing furniture. it would be beneficial to you