Depreciation

This query is : Resolved

Rakesh Sharma (Querist)
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18 November 2014 We are partnership firm & sold machine for Rs.1,50,000/- on dtd. 15-11-2014, value of the same as on 01-04-2014 is 113000/-. whether we show income Rs. 37000/- or diff. of Rs. 37000/- adjust with 15% block other blocks i.e. telephone, Office equipment etc.

Please advise.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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19 November 2014 Each block of asset is treated differently under the Income Tax Act.

Adjustments in one block cannot be adjusted against other blocks.

In this case, if there is no other asset in the block, then the block ceases to exist. The gain of Rs. 37,000/- shall be a short term capital gain u/s 50

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 November 2014 agreed with above reply

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