13 Replies
Sameer
(EXPERT)
(173 Points)
Replied 25 April 2012
(12lacs+10lacs-8lacs)*rate of depriciation as per IT act
Assumption:
The block from which the asset belongs is exist
It is not a industrial undertaking
Kalpana
(CA Final)
(72 Points)
Replied 25 April 2012
But the new asset is not in existance, then how can we calculate depreciation on that asset?
CA Prashant Gupta
(Practising Chartered Accountant)
(2516 Points)
Replied 25 April 2012
The Depreciation will be, suppose rate is 15% then:-
(Rs. 12 lacs - Rs. 8 lacs) *15% = a
Rs. 8 lacs *15%/2 (i.e. for half year) = b
Depreciation for the year = a+b
CA Prashant Gupta
(Practising Chartered Accountant)
(2516 Points)
Replied 25 April 2012
In income tax, block method is followed for depreciation, in which depreciation for indiviual assets does not matter. When you purchse a new asset, it will merge in block and when you sell, it will reduce from block of assets.
There is no identity for indiviual assets hence even sell in same month, the treatment will be same as mentioned above.
Kalpana
(CA Final)
(72 Points)
Replied 25 April 2012
Then what about Rs.10 lacs amount, it will be added to the block value or not?
CA Prashant Gupta
(Practising Chartered Accountant)
(2516 Points)
Replied 25 April 2012
Sorry, by mistake i have written 8 lacs in calculation of amount b.
It will be 10 lacs. Rs. 10 lacs * 15%/2 = b
Sameer
(EXPERT)
(173 Points)
Replied 25 April 2012
correct if i m wrong
Attached File : 749574 970585 new microsoft office excel worksheet.xlsx downloaded: 296 times
Sameer
(EXPERT)
(173 Points)
Replied 25 April 2012
correct if i m wrong,hope fully it will resolve ur problem
Attached File : 749574 970587 new microsoft office excel worksheet.xlsx downloaded: 328 times
Sameer
(EXPERT)
(173 Points)
Replied 25 April 2012
DEPRICIATION WILL BE {1200000+1000000(.5)-800000}*15%
CA Prashant Gupta
(Practising Chartered Accountant)
(2516 Points)
Replied 25 April 2012
Yes, sanjay is correct.
Biswajit Das
(Account Executive)
(38 Points)
Replied 27 April 2012
Hi,
As per my knowledge and experience i have calculated the form of Deprection.
Regards,
BisHwaJeet
Attached File : 435129 971996 depreciation calculation correct form.xlsx downloaded: 247 times
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