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.
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