About Depreciation : IMP
This query is : Resolved
Anwar Shaikh
(Querist)
30 August 2009
Hello,
Suppose a partnership firm is taken over by a private limited company on 14.07.2008. In that Case
1) Can partnership firm charge depreciation for 6 months as per income tax act OR up to 14.07.2008 only.
2) As for company companies act is applicabe Can company charge depreciation on assets from 14.07.2008 to 31.03.2008 as per companies act, daily basis.
3) while computing allowable depreciation for company as per income tax act, Can copmany take depreciation for full year as company had purchased/ taken over assets more than 180 days.
4) Is this is a double depreciation for partnership firm as well as for company from 01.04.2008 to 30.09.2008
Suppose a partnership firm is taken over by a private limited company on 14.07.2008. In that Case
1) Can partnership firm charge depreciation for 6 months as per income tax act OR up to 14.07.2008 only.
2) As for company companies act is applicabe Can company charge depreciation on assets from 14.07.2008 to 31.03.2008 as per companies act, daily basis.
3) while computing allowable depreciation for company as per income tax act, Can copmany take depreciation for full year as company had purchased/ taken over assets more than 180 days.
4) Is this is a double depreciation for partnership firm as well as for company from 01.04.2008 to 30.09.2008
CA. Amit Daga
(Expert)
30 August 2009
if partnership firm is converted into company than all the provision related to company will applicable
Late CA Sampat Jain
(Expert)
30 August 2009
1) 6 MONTHS
2) YES
3) YES
4) YES, BUT IN FACT THERE IS NO DOUBLE , THE FIRM WILL HAVE TO PAY TAX ON REDUCED WDV AND TAKE OVER PRICE
2) YES
3) YES
4) YES, BUT IN FACT THERE IS NO DOUBLE , THE FIRM WILL HAVE TO PAY TAX ON REDUCED WDV AND TAKE OVER PRICE
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