Depreciation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2012 i have a query regarding calculation of depreciation as per income tax act.
There is an asset having WDV of Rs.2,71,746 as on April 2011.It is sold on September 2011 for Rs.2,90,000.Another asset in the same block is purchased for Rs. 9,28,524. Can u pls suggest what will be the depreciation as per income tax and will there any Short term capital gain?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 May 2012 The value of block will be seen at the end of the year. At the end of the year the block exists. The value of block is Rs. 9,28,524.

Depreciation will be calculated in Rs. 9,28,524.

If the asset has been used for less than 180 days then depreciation will be charged at 50% of normal rate.

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