Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 June 2016
Respected Experts,
i need the guidance of following case-
I have physical assets in my block of assets having 0 W.D.V
During the year i had sold these assets
and also purchased one asset in same block in same year.
so in this case what is to be done, whether depreciation and capital gain both to be calculate.
i need the guidance of following case-
I have physical assets in my block of assets having 0 W.D.V
During the year i had sold these assets
and also purchased one asset in same block in same year.
so in this case what is to be done, whether depreciation and capital gain both to be calculate.
CA ABHAY GUPTA
(Expert)
19 June 2016
depreciation is to be booked on new purchased assest nd no capital gain arises as block of asset doesn't ceased...
Message likes :
1 times
20 June 2016
1. Block ceased since op. WDV is zero. So upon sales, capital gains attracts.
2. Depreciate new asset.
2. Depreciate new asset.
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