Chargeability of Depreciation
This query is : Open
09 December 2010
Plz. answer the following :-
If a Machinery is purchased(1/7/09) for Rs.50,000/- ,used for sometime & transferred to someone without consideration(1/9/09) and the new Assessee is using the Asset and again the Machinery is taken back from him(1/12/09) and I again started using the Machine in the same financial yr.Then what is the consequence of chargeability of Depreciation- The whole portion is chargeable by myself or it should be proportionate basis ?Deprn. rate is 20% p.a.
If a Machinery is purchased(1/7/09) for Rs.50,000/- ,used for sometime & transferred to someone without consideration(1/9/09) and the new Assessee is using the Asset and again the Machinery is taken back from him(1/12/09) and I again started using the Machine in the same financial yr.Then what is the consequence of chargeability of Depreciation- The whole portion is chargeable by myself or it should be proportionate basis ?Deprn. rate is 20% p.a.
10 December 2010
What do you mean by transfer without consideration. Is loss on sale on assets was booked in the book. If it is true , It is a purchase of old machinary without consideration and no deprection will be allowable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- FORM 26A APPLICABILITY
- LC charges in relation to Asset purchased should be Capitalised ?
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- Regarding TDS Applicability For Director Remuneration
- Multiple trade mark
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
