Related taxation on depreciable asset

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9 Points Posted on 08 June 2020
how to present profit on sale of fixed asset in itr 6 if the sale consideration is more than wdv but the block is not nil?
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On 08 June 2020 at 14:01 Report
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This discussion clarifies how to report profits from selling a depreciable fixed asset when the sale price exceeds its Written Down Value (WDV), but the asset block isn't fully depleted. The profit above the WDV is treated as a short-term capital gain and taxed accordingly. While the asset block remains, no further depreciation can be claimed on that specific asset after its sale.

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AUDIT ASSISTANT
179 Points Posted on 08 June 2020
The amount over and above the WDV shall be treated as short term capital gain and taxed accordingly further block still exists but no allowance of depreciation shall be allowed.
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On 08 June 2020 at 21:56
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9 Points Posted on 09 June 2020
No allowance for depreciation means?
depreciation on that particular asset till the asset is sold or anything else?
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On 09 June 2020 at 08:56

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