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Block of Assets benefit in discontinued business

This query is : Resolved 
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(Querist)
27 June 2022 A firm was in the business of wholesale & retail trading. It was having an immovable property in its block of assets for the purpose of depreciation as per Income Tax Act. The firm has discontinued its business activities & given the immovable property on rent. In this situation;

1) Whether the firm can set off depreciation on the immovable property against rent income ?
2) If firm wishes to sale the property & buy a new property within same year then whether the company can claim benefit of concept of block of asset, i.e. can the new property be added to the block of assets & hence no capital gain would arise as there is still positive balance remaining in the block after deducting selling price of the old property.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
07 July 2022 1. No
2. No.
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