Loss in sale of asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 May 2016
Dear sir,
the block wdv was 756230/- as on 1/4/2015 but from this block we have sold
one asset on 11/1/2016 in Rs. 150000/- however this said asset wdv was 156230/- as on 1/4/2015
hence the loss of 6230/- plz let me know...1) on which amount the depreciation as per IT will be charge
weather on 606230/- if yes...2) even in AY 2017-18 the dep. will be charge on same 606230/-
thanx & Regard
dipesh jain
the block wdv was 756230/- as on 1/4/2015 but from this block we have sold
one asset on 11/1/2016 in Rs. 150000/- however this said asset wdv was 156230/- as on 1/4/2015
hence the loss of 6230/- plz let me know...1) on which amount the depreciation as per IT will be charge
weather on 606230/- if yes...2) even in AY 2017-18 the dep. will be charge on same 606230/-
thanx & Regard
dipesh jain
05 May 2016
Depreciation as per IT act is calculated on WDV-Sales consideration. So in your case Rs. 606230 is the correct value to calculate depreciation in AY 2016-17. However in AY 2017-18, depreciation will be calculated on wdv as on 31/03/2016.
06 May 2016
as per income tax act you charge deprecition on WDV+ purhase-sales= value on which you charge the depreciation.
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
- Itr 1 processing
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public 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
