Brought assets loss/ profit in next year

SIR,

SUPPOSE,  I HAVE AN ASSET A CAR AS LAST YEAR BALANCE IN DEPRECIATION CHART FOR A.Y. 2017-18, BUT THIS ITEM HAS BEEN SOLD OUT BY LOSS OF 20000/- IN CURRENT F.Y. ON 25TH APL 2016. AFTER THIS I BOUGHT AN ANOTHER CAR OF COST RS. 140000/- .ON FEB-2017.  MY QUESTION IS, SHOULT I INCLUDE AS ITS BALANCE VALUE (ABOVE MENTIONED LOSS I.E. 20000/-) IN THIS YEAR I.E. A.Y. 2017-18. HOW CAN I BROUGHT THIS LOSS IN MY DEPRECIATION CHART FOR A.Y. 2017-18

THANKS

 

Replies (2)
there is concept of block of assets under income tax..you can make adjustments for purchase/sale in such block only..coz once any asset becomes the part of block they ceases to exist separately
Dear Rishi,
simply make addition of a new asset and in deduction column reduce the amount actually received I.e. cash amount against sale. Depreciation will be charged on balance amount. now for charging depreciation opening balance of block less cash received against sale and another part, addition according to the period of holding.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 29 August 2026
Article Assistant

RRPM & ASSOCIATES LLP

Chennai

CA Inter

View Details
Company
27 August 2026
ACCOUNTANT

CHARUPREETI & CO

Noida

Graduate (Any)

View Details
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 21 September 2026
CA Article Assistant

KK & Company Chartered Accountant

Pune

CA Inter

View Details
Company
19 September 2026
Finance Manager

Mugdha Art Studio

Hyderabad

CA

View Details
Company
04 September 2026
CA inter Or ca finalist

A Jaiswal and company

Lucknow

CA Final

View Details
Company
16 September 2026
Internal Audit - Team Lead

Consulting & Beyond

Chennai

CA

View Details
Company
ARTICLESHIP 04 September 2026
Accounts Executive

Hema Yashwanth & Associates

Chennai

B.Com

View Details