Depreciation on live stock

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Kartik (Querist)
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22 August 2016 Whether depreciation is application on Live Stock. If yes that at What percentage.

CA R SEETHARAMAN (Expert)
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23 August 2016 No depreciation applicable on live stock.

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Kartik (Querist)
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23 August 2016 So it will be stated at historical cost only??

Soumitra Basu (Expert)
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23 August 2016 LIVE STOCK HAS TO BE REVALUED IN EVERY YEAR

CA R SEETHARAMAN (Expert)
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23 August 2016 Yes it has to be revalued every year.

Kartik (Querist)
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23 August 2016 Dear Experts, such revaluation is allowable under Income Tax.
Thanks in advance.

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