Capital gains
This query is : Resolved
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
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).
.
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)
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