Block of assets
This query is : Resolved
Abhijit Gupta
(Querist)
10 May 2011
When sale proceeds of a single asset of a block exceeds the entire wdv of the block,what happens to the rest of the assets of that block?????
The excess of proceeds over wdv will be stcg,but what will be the treatment for rest of the assets of that block.
The excess of proceeds over wdv will be stcg,but what will be the treatment for rest of the assets of that block.
12 May 2011
Dear,
You rightly said that excess of proceeds over WDV is STCG.
Now WDV of the block has become zero, so in subsequent period / years, you can't claim any depreciation and whenever you are selling any of the remaining asset belonging to that block, the full sale proceeds will be treated as STCG.
You raised a good question.
You rightly said that excess of proceeds over WDV is STCG.
Now WDV of the block has become zero, so in subsequent period / years, you can't claim any depreciation and whenever you are selling any of the remaining asset belonging to that block, the full sale proceeds will be treated as STCG.
You raised a good question.
Abhijit Gupta
(Querist)
12 May 2011
thank you sir for your prompt reply
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