Deprciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 May 2012
case facts
assesee is an individual
cost of the asset=100
w.d.v of the asset=40
assesee is using half of the asset for personal use and other half for business
but the value of the block represents the entire asset
and he has charged only half of the depreciation to the block till date and claimed the same
also the market value of the asset has appreciated a lot.
now if he sells the asset he will have huge STCG.
how to save the STCG?
what will constitute the block of asset?
assesee is an individual
cost of the asset=100
w.d.v of the asset=40
assesee is using half of the asset for personal use and other half for business
but the value of the block represents the entire asset
and he has charged only half of the depreciation to the block till date and claimed the same
also the market value of the asset has appreciated a lot.
now if he sells the asset he will have huge STCG.
how to save the STCG?
what will constitute the block of asset?
CA PARAS BAFNA
(Expert)
14 May 2012
STCG can be saved by addition of asset in the said block.
.
Block of asset :
----------------
Cost of Asset minus Depreciation actually allowed. For more information read-
https://www.caalley.com/art/ca08_0124.html
.
Block of asset :
----------------
Cost of Asset minus Depreciation actually allowed. For more information read-
https://www.caalley.com/art/ca08_0124.html
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