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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Depreciation
Replies (7)
Refer section 50
I already have answer but I think it is wrong so I am asking for exact answer... please help...
Thank you.
Thank you.
post your detailed answer.
Is it SCG 410000.
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
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
Therefore WDV on 1.4.15 : 245650
and in question Aug 15 means August 2015 and not 15th Aug 2012
since asset was procured on 01.05.2012 therefore dep for 12-13 for full year be provided
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