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depreciation/ short term capital

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(Querist)
11 October 2008 assesse was having a depreciable asset of wdv on 1/04/07 of Rs. 500000/-, in the current year he sold the asset on 31/02/2008 for 2500000/-, and purchased a new asset of same block on 01/01/2008for 1500000/-, so what will be its treatment in depreciation, short term capital gain, and wdv as on 31/03/2008. Block is not yet nil becasue of new asset purchased.
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Jitender

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Jitender (Expert)
11 October 2008 there willbe short term capital gains asper sec 50 even if asset exist in the block.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
11 October 2008 As per section 50 the surplus is to be treated as STCG as the sale proceeds are more than the cost of the items in the block.
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ATIT D SHAH

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ATIT D SHAH (Querist)
11 October 2008 but the asset is depreciable asset, actually i missed to mention in the first question, so now what will be its treatment.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
11 October 2008 Section 50 is applicable to depreciable assets only.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
12 October 2008 ATIT,The answers given above are correct.
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