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.
Message likes :
1 times
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.
Message likes :
1 times
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- NRI starting business in India
- ITDS U/S.194T of Firm
- ADVANCE PAYMENT OF ADVOCATE
- CREDIT NOTES WITHOUT GST
- Non-Compliance documents have not been submitted by the contractors debited
- TDS ON EMAIL DOMAIN SERVICE BILL
- TDS Return Q1 FY 2026-27
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
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
