block of assets
This query is : Resolved
09 September 2008
the company in FY 2004/5 was having block of assets building @10 % depreciation with opening wdv say rs 100.
during the year comapny was demerged and part of block of assets transferred to the other company say rs 70.
So balance rs 30 remained as wdv of the company which consisted of only few residential flats which at end of the year the comapny showed as residential building and in effect transferring from building block @ 10 % to residential building block @5%.
was the company right in doing so or should it have retained it as building block @ 10 %.??
the comapny has since filed IT returns for the next few years and can it change back to building block @ 10 % showing previous transfer as a mistake??
keeping in mind that the residential flats were purchased long ago and at that time had been shown for non residential use.
IS it the nature of the building or the use to which it is put that decides if it is residential or non residential?
during the year comapny was demerged and part of block of assets transferred to the other company say rs 70.
So balance rs 30 remained as wdv of the company which consisted of only few residential flats which at end of the year the comapny showed as residential building and in effect transferring from building block @ 10 % to residential building block @5%.
was the company right in doing so or should it have retained it as building block @ 10 %.??
the comapny has since filed IT returns for the next few years and can it change back to building block @ 10 % showing previous transfer as a mistake??
keeping in mind that the residential flats were purchased long ago and at that time had been shown for non residential use.
IS it the nature of the building or the use to which it is put that decides if it is residential or non residential?
30 September 2008
The block of assets is different for residential and non-residential blocks.
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