Short Term Capital Loss on Depreciable Assets.

This query is : Resolved

ARIHANT BOTHRA (Querist)
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09 September 2009 There is a depeciable asset on which i have a query to make.

Opening WDV (1.4.08) = 119000
Less:Sale proceeds(18.08.08) = 103000
Short Term Capital Loss = 16000
Then block was ceasing to exist.
Then I purchased another car in Feb 2009 for Rs. 500000.
So, please refer what to do regarding the loss as well as the depreciation part.
Can I claim STCL of Rs. 16000/-

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
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09 September 2009 If u give opening wdv of car or machinery (15%) block then u can not claim stcl and your gross block is Rs. 484000 and claim depreciation on that amt.

Sreedhar Atchutuni ACA,GradCWA

Sreedhar Atchutuni ACA,GradCWA (Expert)
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09 September 2009 You canot claim STCL your Gross Block will be Rs.4,84000(5,00,000-16,000).
You have to claim depreciation on Rs. 4,84,000 @ 15% * 50%

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