WDV OF ASSET

This query is : Resolved

GIRISH KUMAR DUNDLODIA (Querist)
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30 December 2008 An asset's WDV as on 1st April is 20,000.This asset was used 50% for personal use during the year.The depreciation rate is 20%.What I want to know is what will be the WDV of the asset at the end of the year????

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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30 December 2008 Depreciation will be charged at full rate and you will get WDV at the end of year i.e. 16,000.

Jitender

Jitender (Expert)
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30 December 2008 20000 less half dep will be deducted as 50% asset is used for personal purposes i.e 18000.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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30 December 2008 However 50% of depreciation will be disallowed while making I-tax calculations.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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30 December 2008 WDV as on 31st March will be Rs. 20000-Rs.4000=Rs16000. It will not be that 50% depreciation is adjusted only.

Jitender

Jitender (Expert)
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30 December 2008 as per sec 43(6) read with sec 38 wdv is cost less dep actually allowable. & therefore, wdv will be 20000 less 2000= 18000.

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