Depreciation
This query is : Resolved
28 August 2009
Friendz....
Suppose in a block of assets all assets are being sold in this period and the net impact is loss... In the net block of the depreciation statement we would get a negative figure then...Is der any requirement to disclose it or to delete the Block of asset.. Please help on this..!!!Thanks in advance!!!
Suppose in a block of assets all assets are being sold in this period and the net impact is loss... In the net block of the depreciation statement we would get a negative figure then...Is der any requirement to disclose it or to delete the Block of asset.. Please help on this..!!!Thanks in advance!!!
03 September 2009
Hi Savitha,
In case you sold the entire block of assets, treatment is as follows (tax treatment):
Let us say your wdv of the block as on April 1, 2008 is Rs. 200,000/- and you sold the asset for rs. 150,000/-
Your block will not become negative or positive. The amount of Rs. 50,000 will be considered as short term capital loss.
Regards,
V R Nanda.
In case you sold the entire block of assets, treatment is as follows (tax treatment):
Let us say your wdv of the block as on April 1, 2008 is Rs. 200,000/- and you sold the asset for rs. 150,000/-
Your block will not become negative or positive. The amount of Rs. 50,000 will be considered as short term capital loss.
Regards,
V R Nanda.
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