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Revaluation of assets

This query is : Resolved 
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(Querist)
24 September 2011 SIR,
WHETHER DEPRECIATED VALUE OF ASSETS IS RS.700/- AND MARKET VALUE OF ASSETS IS RS. 8500/- IN THAT CASE RATHER THEN SALE OF ASSETS AND BOOK THE SHORT OR LONG TERM PROFIT , SHOULD WE RE-VALUATE THE ASSETS TO SAVE TAX AND ENJOY DEPRECIATION MORE. PLEASE GUIDE ME .
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
24 September 2011 Income Tax Act does not recognise revaluation of assets. In Income Tax, assets are grouped in block of assets.

What you can do save tax is that, before selling the asset, buy an asset in the same block of a nominal amount.

What that will do is that your block of assets will remain intact, the sale price will be reduced from the WDV, you will be entitled to claim depreciation on the balance WDV and there will be no capital gain on the sale of the fixed asset.
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