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Depreciation

Tax queries 317 views 7 replies
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ARTICLED ASSISTANT
207 Points Posted on 26 May 2016
Asset purchased on 1.5.12 for ₹4lakh. It is machine with depreciation rate 15%. It got destroyed in Aug 15. Assessee co receives 6lakh as compensation. Please calculate CAP GAINS. Assuming the machine is only asset in block of asset.
Thank you in advance for help.
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On 26 May 2016 at 20:26 Report
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CA
68 Points Posted on 26 May 2016

Refer section 50

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On 26 May 2016 at 21:45
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ARTICLED ASSISTANT
207 Points Posted on 28 May 2016
I already have answer but I think it is wrong so I am asking for exact answer... please help...
Thank you.
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On 28 May 2016 at 12:02
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Partner
1072 Points Posted on 28 May 2016

post your detailed answer.

Is it SCG 410000.

 

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On 28 May 2016 at 17:54
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ARTICLED ASSISTANT
207 Points Posted on 28 May 2016
the answer is as follows
Full Value of consideration: 600000
(-) WDV as on 1.4.15: 245650
Therefore Short Term Cap Gains 354350

Working Note
Original Cost of Acquiring 400000
-Depre for AY 13-14 @ 15% 60000
-Depre for AY 14-15 @ 15%
51000
-Depre for AY 15-16 @ 43350
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On 28 May 2016 at 19:56
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ARTICLED ASSISTANT
207 Points Posted on 28 May 2016
Therefore WDV on 1.4.15 : 245650
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On 28 May 2016 at 19:57
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ARTICLED ASSISTANT
207 Points Posted on 28 May 2016
and in question Aug 15 means August 2015 and not 15th Aug 2012
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On 28 May 2016 at 20:02
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Partner
1072 Points Posted on 29 May 2016

since asset was procured on 01.05.2012 therefore dep for 12-13 for full year be provided

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On 29 May 2016 at 17:20


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