Depreciation
This query is : Resolved
08 April 2013
Dear Experts,
I had a asset which was sold during feb 2013 below WDV value, But the whole block was empty since every thing is sold, please let me know whether i can eligible for depreciation as per income tax act (Since the assessee is proprietor)and what about the loss treatment.
I had a asset which was sold during feb 2013 below WDV value, But the whole block was empty since every thing is sold, please let me know whether i can eligible for depreciation as per income tax act (Since the assessee is proprietor)and what about the loss treatment.
08 April 2013
Depreciation has to be charge at the end of year on wdv of the block of assets. In above case since all assets of the block has been sold the block of that particular assets cease to exist and the whole amount of wdv less sale proceed will be treated as Short Term Capital Loss.
09 April 2013
thank you for your kind reply
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