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
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....
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).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Value of property in capital gain
- SFT Cash Deposit in Current Account
- Copyright software
- Multiple trade mark
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY....../
- Transporter Declaration form
- E-Invoice applicability for new Startup
- Filing of MSME 1 form by companies
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
