depreciation/ short term capital
This query is : Resolved
ATIT D SHAH
(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.
11 October 2008
there willbe short term capital gains asper sec 50 even if asset exist in the block.
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.
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.
11 October 2008
Section 50 is applicable to depreciable assets only.
12 October 2008
ATIT,The answers given above are correct.
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