Help needed regarding the calculation of depreciation

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  1. Buntybabu

    Buntybabu New Member

    Assessee - Individual
    PY - 2014-15, AY - 2015-16
    relevant data :-
    asset - Furniture
    rate of Depreciation - 10%
    cost of acquisition - 300000
    opening WDV of the block - 700000 (3 furnitures)
    during 14-15, 2 old furnitures sold for 900000
    on the closing date, the new furniture & one old furniture exists in the block
    Q 1 - A furniture was acquired during 14-15 & put to use during 14-15
    case a) out of which 200 days for business, & 50 days for private use in home.
    case b) out of which 100 days was for business & 200 days for home use.

    Q 2 - the furniture was acquired during 14-15, but in 2014-15, it was put entirely to home use. In 15-16, it was used
    case a) 100 days for business & 200 days for home
    case b) 200 days for business & 100 days for home

    Please say what will be the amount of depreciation allowable for Income Tax purpose for 2014-15 & 2015-16, & how to calculate it in the above mentioned cases.


    One particular asset used for more than 1 business
    Assessee (Individual) has two businesses carried on in two different shops, for each of which separate set of books of accounts are maintained
    Q - Furniture costing 300000 (depre rate 10%), acquired during 14-15 & put to use during 14-15 itself in the following manner :-

    case a) In Business 1 - 70 days & In Business 2 - 80 days
    case b) In Business 1 - 90 days & In Business 2 - 100 days
    case c) In Business 1 - 182 days & In Business 2 - 183 days
    case d) In 2014-15, the asset was used entirely for private purpose, in 2015-16, it was used 70 days for Business 1 & 30 days for Business 2
    Please say what will be the amount of depreciation allowable for Business 1 and Business 2, for 2014-15 & 2015-16, & how to calculate in the above mentioned cases.

    Thanks in advance. Please Help.
     
    Last edited: Mar 1, 2015
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