Gautam Patel (CA and CWA) (146 Points)
26 August 2009An assessee using a depreciable asset for 5 yrs has sold the asset in june 2008.Whether such an assessee can claim depreciation for half year in business?
CA Manish K Dhoot
(CA, B. Com, NCFM, CPCM)
(5015 Points)
Replied 26 August 2009
He cannot claim depreciation of that assets under income tax act
RITESH KOTHARI
(B.COM, FCA, DISA(ICAI))
(778 Points)
Replied 27 August 2009
under income tax act no depreciation will be allowed.
however if the assessee is a company then proportionate depreciation could be claimed to calculate book prfit under companie act.
under income tax act it will still be disallowed.
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
CAclubindia
