depreciation on revalued assets

Save Share

This query is : Resolved

SUSHANT (Querist)

21 March 2011 Depreciation on revalued assets whether a admissible expensses.

there are two depreciation on revalued amount 1 - actual depreciation
2 - depreciation on value enhanced on such fA.

so can anybody tell me whether both or any one of this depreciation will be claimed under income tax act as admissible depreciation if so under what section ?
pls note the section reference no

Aditya Maheshwari

Aditya Maheshwari (Expert)

21 March 2011 Depreciation on original cost at the rates specified in the appendix to income tax rules is allowable expenses as per section 32 of Income Tax Act 1961.

No dep allowed on revaluation part.

Pankaj Gandhi Jaiswal

Pankaj Gandhi Jaiswal (Expert)

05 June 2011 Depreciation on revalued part actually not effectively is being debited in PL, Company pass a credit entry in profit loss account with equivalent amount of depreciation on revalued part so question of claiming depreciation on this part under income tax act does not arise. Dep on revalued part will not be allowed in IT

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now