Depreciation
This query is : Resolved
Sudeep Shetty
(Querist)
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.
Sudeep Shetty
(Querist)
09 April 2013
thank you for your kind reply
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
