Block of asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 September 2012
Whether the Block of Asset is Asset Wise or Rate wise?
For e.g-If I have 1 Car & 1 Air condition i.e part of Office Equipment (on both of them we charge 15% Depreciation).
IF i sell the car should i compute Short Term Capital Gains as per Income Tax as the block of Motor Car is sold. or As Air Conditioner is still there i should not record the same
For e.g-If I have 1 Car & 1 Air condition i.e part of Office Equipment (on both of them we charge 15% Depreciation).
IF i sell the car should i compute Short Term Capital Gains as per Income Tax as the block of Motor Car is sold. or As Air Conditioner is still there i should not record the same
Pankaj Gupta
(Expert)
06 September 2012
All the assets of same kind having same rate of duty shall be grouped under one block. For eg. all the machines with 15% dep should be grouped under one block. While all other machines with dep 40% should be grouped under another block. and so on....
Pankaj Gupta
(Expert)
06 September 2012
In your eg stcg should not be computed , rather the sale price of car should be reduced from the block.( because block still exist).
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