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Discuss the difference between a Wasting Asset and a Wasting Chattel. (100words) Taxation

Discuss the difference between a Wasting Asset and a Wasting Chattel. (100words)

Taxation

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Answer #1

Wasting Assets:-

Wasting Assets are those assets which have limited life therefore there will be decrease in value of assets over a period of time

It cannot be recycled to make additional revenue again

It has no residual value at the end of the life as all resources have been exhausted already

Gain arising out of disposal of wasting Assets is exempt but if it is a business assets then it is not exempt

Wasting chattels:-

It has a useful life for not exceeding 50 years useful life is obtained on the date of acquisition of chattel Wasting chattel will be exempt from capital gains

When wasting chattel is used in trade it is not exempt from tax

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