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Section 30 IT Act - Capital Expenditure
Direct Taxation
answered on 20-Oct-23 00:46
Mr A is the owner of a 4 storey building and Mr B is the tenant and paying rent and he made some capital expenditure and he built 5th floor. As per section 30 Mr. B can claim depreciation on the basis of capital expenditure he spend on 5th floor. He is claiming depreciation for last 2 years and on 3rd year he is planning to move out from that location. And he sold the 5th floor portion to the owner itself. The WDV for the 5th floor in the year of sale is 1 cr and he sold that to the owner for 1.5 cr. Question is in which value the owner will treat the asset after buying from tenant. WDV of tenant or the sale consideration 🤔👀
latest answer
If the continue to let out the property then - then total rent received shall be taxable under the head IFHP If he used the for business purpose then - it will added inte block of asset in the wdv of purchase price less notional depreciation till date.( Since the 5th floor is purchased in the current year it will added in the block with value of 1.5crore ) If he sold such building then - the 5th floor is treated as separate asset as it attracts short term capital gain
Liju K Nair
CA Inter
★ 4K+
2
390
Late Fee 234F
Direct Taxation
answered on 20-Oct-23 11:47
LLP partner filed their A.Y (2023-24) individual income tax return on 20-10-2023, But LLP's Income tax return due date is 31-10-2023. In this case 234F applicable for Individual ITR filing....?
latest answer
31-10-23
Ravikumar Pandi
CA Inter
★ 2K+
3
475
SA 520 analytical procedures
Auditing
answered on 29-Oct-23 21:30
Why auditor use analytical procedures during the testing phase?
latest answer
some misstatements are not found on the face of financial statement, neither by vouching nor verification. therefore, to find out unreasonable fluctuations, unreasonable changes, some relationships are established. This makes audit more effective and helps auditor get a higher level of assurance.
sasidhar cheboyina
CA Final
★ 95
2
403
Gst qsn of ICAI mat
Indirect Taxation
answered on 20-Oct-23 09:16
Answer of 8,9 Where to find QR option
latest answer
You can use your mobile camera to scan the code....else install a QR code scanner
Sushmita Chowdhury
CA Inter
★ 2K+
1
493
Job costing
Costing
answered on 20-Oct-23 14:04
Job costing as per new syllabus illustration 7 How to calculate set-up cost in (i) please help
latest answer
First no of set up should be found which is annual demand divided by production batch size that is from 4,000 till 10,000 and then it should be multiplied with set up cost per set up of , for example batch size of 4000 , 50000/4000 which is 12.5and set up cost =12.5*100=1,250
Atiya Shaikh
CA Inter
★ 23K+
1
495
ITC set off of GST intro
Indirect Taxation
answered on 21-Oct-23 18:06
1) Please explain the meaning of highlights (ii) why will ₹900 state govt give to CG ? It’s supposed to b availed by A (iii) same for 3 highlights….why will ₹864 b transferred to govt fund, when it’s supposed to b utilized by MrB I’m confused about the fact that how money amount flow, is it with the govt or with the supplier …..an example would b helpful 2) pls explain the article highlights (Is Article in the GST Introduction chapter be read or it’s important ?)
latest answer
Ultimately, GST amount will go to the consumption state. Article numbers of constitution is only for knowledge.
Sushmita Chowdhury
CA Inter
★ 2K+
1
558
illus 2 in job costing of new syllabus pg no . 9.10
Costing
answered on 19-Oct-23 16:43
why 33.33% for expenses cost of 40 is added to 120 in question
latest answer
Pls share the question
Vignesh .Y
CA Final
★ 440
1
351
Dividend decisions
Financial Management
answered on 20-Oct-23 15:55
Please Solve this sum by using these two formulas 1. nPo = P1(n+∆n) -I+Y/1+ke 2. Po= P1+D1/1+ke
latest answer
PLease share your workings or where you have a doubt and we shall get back
Nagaraju Konerolu
CA Inter
★ 3K+
1
381
National Income Accounting
Economics
answered on 20-Oct-23 14:58
whether savings of non departmental enterprises of govt sector or all sectors will be substracted while calculating private income?
latest answer
Savings of non-departmental enterprises of the government sector are not subtracted when calculating private income. Instead, the adjustments made to the national income to arrive at private income focus on specific components related to transfer payments and other factors as mentioned in the formula for the same.
BETSY P JOY
CA Final
★ 460
1
421
PGBP
Direct Taxation
answered on 19-Oct-23 16:59
Ye depreciation ka sum solve keshe karna hai?
latest answer
Check this. New study material question hey yeh
Tisha Modi
CA Inter
★ 2K+
1
570