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Loss in sale of asset

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Querist : Anonymous

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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
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CA SUNIL K GARG

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CA SUNIL K GARG (Expert)
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.
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Rupesh Jain

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Rupesh Jain (Expert)
06 May 2016 as per income tax act you charge deprecition on WDV+ purhase-sales= value on which you charge the depreciation.
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