Please help me, determine the value at which an asset should be written back from the block of asset when a business property is let out in case of sole proprietorship.
Situation:
A block of asset consists of three buildings out of which one building is let out (since the business in that particular property is now shut). Since the income will now be accounted under the head "Income from house property", depreciation cannot be claimed against this particular property. Also, since the property is only let out and not transferred, there will not be any STCG implications. So, in this case, at what amount should the asset be written back from the block? and what are the relevant income tax provisions in this case?
Thanks in advance
CAclubindia
