Deletion from block of asset of furniture
This query is : Resolved
07 June 2012
what is treatment of deletion from block of asset of furniture when asset sold at zero value.which amount is deleted from block of asset?
07 June 2012
If the asset has been sold at zero value, then 'zero' will be reduced from the block of assets.
The amount received as a consideration for sale is to be reduced from the block of assets, which in this case is ZERO.
The amount received as a consideration for sale is to be reduced from the block of assets, which in this case is ZERO.
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07 June 2012
How we claim depreciation as per IT on asset sold from block?the block is reduced as the some asset of block are discarded at zero
can u help me out.
can u help me out.
07 June 2012
Depreciation will be claimed on the full amount of the block including the value of the discarded asset.
Income Tax Act recognises block of asset concept and not individual asset.
If an asset forming part of block of assets has been discarded, the sale consideration shall be reduced from the opening WDV + any purchases.
If the sale consideration is NIL, no deduction will be made and depreciation will be claimed on the full amount of block.
Income Tax Act recognises block of asset concept and not individual asset.
If an asset forming part of block of assets has been discarded, the sale consideration shall be reduced from the opening WDV + any purchases.
If the sale consideration is NIL, no deduction will be made and depreciation will be claimed on the full amount of block.
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