24 July 2013
I have used a asset for the whole year and sold it on the last day of the year. so whether i can claim depreciation on it for the full year with full percentage of depreciation as per income tax?
24 July 2013
As per Income Tax Act, the asset must be in the possession of the assessee on the closing hours of the last day of the financial year to be eligible for depreciation. If it is sold even on the last day of the financial year, depreciation is not admissible.
It is advisable to show the sale on the first day of the next financial year, if possible.
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