Block of asset

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
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.

Avatar

Querist : Anonymous

Profile Image
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


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro

Follow us
add to google news


Answer Query



Company
20 July 2026
Senior GST Executive

Chandak Agarwal & Co

Mumbai

Graduate (Any)

View Details
Company
ARTICLESHIP 16 July 2026
Article Assistant

G A R U D & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details
Company
29 June 2026
ACCOUNTANT

SANDEEP AASHISH & CO

Araria

B.Com

View Details
Company
Featured 18 July 2026
CA Articleship

apricus india

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 27 June 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
11 July 2026
CA semi qualified

Vakilsearch.com

Chennai

CA Inter

View Details
Company
ARTICLESHIP 10 July 2026
Article Assistant

N S Gokhale & Co

Thane

CA Inter

View Details