Itr filing

Dear Sirs,

Sole Proprietory business of Husband is transferred to Wife  on 1st January 2014.  That means, the entire business was run by the Husband for 9 Months and the Wife for 3 Months,  Both Husband and Wife prepared respective P&L Accounts  for the FY 2013-14 showing proportionate Depreciation on Assests transferred, i.e., 75:25 .

Is there any scope of showing Depreciation in the above ratios ( 75:25) in ITR -4 ?

In sheet 'DPM DOA' in the ITR-4, the options available , " Additions for more than 180 days/ less than 180 days.

Although, the Husband operated the business for Nine(9) months, is he entitled to get 50% and the balance for his wife.

I shall be highly obliged, if some light is thrown on the above issue.

Replies (2)

Business is sold out so in case of fixed assets you will get depreciation at respective rates based on the dates of transfer and you have to show exit of assets as on the dates on book value so capital gain will be taxed accordingly in the hand of Husband.

 

Thank you, Sir. My query was whether there is any option to show such proportionate Depreciation in  ITR-4 of both Husband & Wife  in case IT Return is filed electronically ( e-filing)?

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