Section 50 - block of capital assets
This query is : Resolved
06 February 2024
op. wdv on 1.4.2023 Rs. 1 crore
add purchase in Feb 2024 50 lakhs
Less sale value in Dec 2023 Rs. 2.5 crore (here on 31.12.2024, block becomes negative)
-----------------------------------------------
WDV on 31.3.2024 minus Rs. 1.0 crore
===========================
my question is --> even if block becomes negative on 31.12.2024, (i.e. opening 1 crore minus sale 2.5 crore), its ok? i mean, short term cap gain will be only rs. 1 crore for fy2324, right?
my view --> yes, stcg will be only 1 crore for entire fy2324, because, sequence in section 50 is op + acquired DURING PREVIOUS YEAR minus sale value.
regards,
ca kunjan
add purchase in Feb 2024 50 lakhs
Less sale value in Dec 2023 Rs. 2.5 crore (here on 31.12.2024, block becomes negative)
-----------------------------------------------
WDV on 31.3.2024 minus Rs. 1.0 crore
===========================
my question is --> even if block becomes negative on 31.12.2024, (i.e. opening 1 crore minus sale 2.5 crore), its ok? i mean, short term cap gain will be only rs. 1 crore for fy2324, right?
my view --> yes, stcg will be only 1 crore for entire fy2324, because, sequence in section 50 is op + acquired DURING PREVIOUS YEAR minus sale value.
regards,
ca kunjan
CA R SEETHARAMAN
(Expert)
07 February 2024
You are right stcg is 1 crore only.
Message likes :
1 times
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Advances to related party
- Capital gains in IT returns
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Rent agreement of House of deceased person
- Capital Gains Tax on Inherited Mutual Fund
- TDS- 2026-27 Q1 Correction
- Gift to nri relatives resides in usa
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
