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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Due date for filing return for the partner in partnership subjected to Tax Audit
- GST on reimbursement of expenses
- Query on effect of registration of property
- Visiting card purchase
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Equity Share Sale and Purchase
- Additional trade name
- Wrong CMPo8 file
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
