depreciation-block of assets
This query is : Resolved
25 March 2010
What if I have a block of assets having plants A and B value of which is 2 lacs.I buy plant C on 1st Dec for 2.4 lacs.And sell plant A and B on 2nd Dec for 2.2 lacs.Would there be any short term capital gain or/and would be a 50% depreciation on plant C?Thank you.
CA Ashok Kumar Sahu
(Expert)
25 March 2010
as per my opinion
Block - 2+2.4-2.2=0.2
no short term capital gain because of your block exist and normal 7.5%(half of 15%)dep. chargeable on plant c.
Block - 2+2.4-2.2=0.2
no short term capital gain because of your block exist and normal 7.5%(half of 15%)dep. chargeable on plant c.
25 March 2010
Thanks.You meant to say
2+2.4-2.2=2.2
What if
A & B->2lacs
C bought on 1st Dec for->2.2 lacs
A & B sold for 10 lacs on 2nd Dec.
2+2.4-2.2=2.2
What if
A & B->2lacs
C bought on 1st Dec for->2.2 lacs
A & B sold for 10 lacs on 2nd Dec.
CA Ashok Kumar Sahu
(Expert)
26 March 2010
yes,
then block exist at 0 value,
2+2.2-10=5.8
short term capital gain of Rs. 5.8lacs,
for more details refer sec. 50 of it act
then block exist at 0 value,
2+2.2-10=5.8
short term capital gain of Rs. 5.8lacs,
for more details refer sec. 50 of it act
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