satya
(Student)
(25 Points)
Replied 27 July 2018
CALUCULATION OF CAPITAL GAIN FOR DEPRECIABLE ASSET
| Particulars | Amount |
| Opening WDV as on 1st April of the relevant PY | – |
| Add: Actual cost of asst purchased during the year | – |
| COST OF BLOCK | – |
| Less: Money Received for asset sold, discarded, demolished, destroyed | |
| VALUE OF BLOCK | – |
| Less: Depreciation as per rates under Income Tax Act | – |
| CLOSING VALUE OF WDV AS ON 31st MARCH | – |
Jeeva Thangavelu
(Student CA Final )
(609 Points)
Replied 27 July 2018
For deprecibale assets, As per income tax act the entire block of assets has to be nullified before taking it as Profit or loss.
If your are having only a car in the 15% block, then if the amount received on sale is more than the carrying WDV value (Profit) its to be treated as Short term capital gain. In case of loss, its short term capital loss.
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