Dep

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2016 Problems on dep.
RPS LTD furnishes the following details in respect of block of assets (60% rate of dep.)
A )WDV on 1-4-2014 consisting of 5 machines RS 25,00,000
B)ASSET ACQUIRED DURING THE YEAR IS RS 10,50,000
COMPUTE WDV OR CAPITAL GAIN OR LOSS IN FOLLOWNG CASES FOR P.Y 14-15
I)3 MACHINES HAVE BEEN SOLD DURING THE YEAR RS 20,50,000
II)Entire block sold during the year for RS 30,00,000
III) Entire block sold during the year for RS 45,00,000

PLS HELP ME IN THIS REGARD....

Amol S Joglekar

Amol S Joglekar (Expert)
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25 May 2016 I) charge depreciation on (25,00,000+10,50,000-20,50,000 = 15,00,000)
II) short term capital loss = (25,00,000+10,50,000-30,00,000) = 5,50,000
III) short term capital gain = (25,00,000+10,50,000 - 45,00,000) = 9,50,000

Message likes : 1 times

Rupesh Jain

Rupesh Jain (Expert)
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25 May 2016 as per inocme tax act block value find as below

opening bal.+buying during the year -sold during the year = balance take depreciation

1) dereciation on the bal
2)Short term loss
3) short term capital gain

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