hi!
There r 2 assets in a block A & B valueing2,00,000 & 3,00,000 respectively.
I have sold asset A @ 1,50,000 should i calculate capital loss, if yes, whether Short term or long term.
Thanks
mohit pathak (Learner) (396 Points)
20 June 2011hi!
There r 2 assets in a block A & B valueing2,00,000 & 3,00,000 respectively.
I have sold asset A @ 1,50,000 should i calculate capital loss, if yes, whether Short term or long term.
Thanks
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 20 June 2011
NO BECAUSE BLOCK IS NOT YET ENDED
Deepesh Khatri
(CA)
(167 Points)
Replied 20 June 2011
The block still exists and as such capitals gains will not occur due to sec. 50.
Reduce the sale value of asset A from the WDV of the block.
Aparna Raja K.C
(Student)
(520 Points)
Replied 20 June 2011
| Originally posted by : Deepesh | ||
 |
The block still exists and as such capitals gains will not occur due to sec. 50. Reduce the sale value of asset A from the WDV of the block. |
 |
Agree
CA Sunil Agarwal
(C.A)
(368 Points)
Replied 21 June 2011
No as assset does not cease to exist you cannot can book loss all u can do is that u can reduce sale ammount from block of assets.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 21 June 2011
| Originally posted by : sunilagarwal | ||
|
|
No as assset does not cease to exist you cannot can book loss all u can do is that u can reduce sale ammount from block of assets. |
|
CA PRAVEEN KESHAV
(CHARTERED ACCOUNTANT)
(331 Points)
Replied 21 June 2011
u can not calculate loss on this sale as the block still exists...........
sanjeev sharma
(article astitant)
(22 Points)
Replied 21 June 2011
you should not to calculate the capital gain on sale of assets because as per section 50 (1) and (2) block is still exist. so you keep enjoying the depreciation on remaining value of block i.e 50000 in nexy previous years ......................
Karan Teli
(Life Is just an Illusion...!!)
(4573 Points)
Replied 21 June 2011
Sec-50C (1)/(2) requires the block of asset either to get exhausted in terms of value or in terms of quantum and since the asset is posed for depreciation only shirt term capital gain / loss is accounted for here..,
In your case neither the asset not the quantum is exhausted so 50C doesnt apply to u...
CA abhinandan agarwal
(CA CS Bcom(H))
(174 Points)
Replied 21 June 2011
The block still exists and as such capitals gains will not occur due to sec. 50
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