Capital gains
This query is : Resolved
devang babaria
(Querist)
01 July 2013
dear experts
i received insurance claim of Rs.525000/- for a car costing Rs. 500000/-. WDV in my books shows Rs.300000/-.i do not follow block of asset method for claiming depreciation. how to tax the above transactions.
thanks in advance
i received insurance claim of Rs.525000/- for a car costing Rs. 500000/-. WDV in my books shows Rs.300000/-.i do not follow block of asset method for claiming depreciation. how to tax the above transactions.
thanks in advance
CA PARAS BAFNA
(Expert)
01 July 2013
There is no option under the Income-Tax act in following the block of asset method. It is compulsorily to be followed even if you had a single car as the item of the block.
.
Rs 225000/- will be treated as Short term capital gain.
(525000-300000).
.
.
Rs 225000/- will be treated as Short term capital gain.
(525000-300000).
.
devang babaria
(Querist)
01 July 2013
but Rs. 200000/-will be shown as income on p&l cr. side for the depreciation charged till this years??
(500000-300000)
(500000-300000)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
