I have assets whose wdv is 50 lakh as per IT act. During the year I sell the asset under slump se for 50 lakh during the year considering after 3 months. So while calculating networth will i be allowed depreciation for 3 months as per IT act considering section 43(6)
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Depreciation on sale of assets in the middle of the year
Replies (3)
As per IT Act, depreciation is not allowed.
No depreciation is not allowed
It is short term gain, no allowed to be taken into account.
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