Depreciation
This query is : Resolved
aakash dalmia
(Querist)
04 July 2016
In case closing WDV of block of aseet is less than actual cost of asset acquired during the. year and used for less than 180 days .
Opening WDV of block of asset~ 300000
Addition in Jan ~400000(Also eligible for Additional Depreciation)
Asset sold ~ 500000
CA. Sunil Gokhale
(Expert)
11 July 2016
Consider the sale of machinery on FIFO basis, i.e. the sale value is deducted from opening balance and balance from new acquisition, leaving a closing balance of Rs.2,00,000. Normal depreciation is charged on WDV Rs.2,00,000 at half the rate. Additional depreciation will be at half the rate but on cost i.e. Rs.4,00,000. Balance 50% additional depreciation can be claimed in next year.
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