WDV OF ASSET
This query is : Resolved
GIRISH KUMAR DUNDLODIA
(Querist)
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
(Expert)
30 December 2008
Depreciation will be charged at full rate and you will get WDV at the end of year i.e. 16,000.
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
(Expert)
30 December 2008
However 50% of depreciation will be disallowed while making I-tax calculations.
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.
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.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
