conversion of partnership firm to prop.ship
This query is : Resolved
07 October 2008
hello friendz...
one of my client has changed its partnership to prop.ship
now i want to know dep.(only tax dep)status on aasets transfrd
conversion took place on jan20,2008
now who will charge dep?prop.or can partnership firm will also charge dep.upto date of transfer?
n what about additional dep on mach.purchased by partnership firm,can individual charge additional dep on it ?(as it has become second hand asset for him)
plz advice other tax implications also
all assets have been transferred at book value only
thankx
one of my client has changed its partnership to prop.ship
now i want to know dep.(only tax dep)status on aasets transfrd
conversion took place on jan20,2008
now who will charge dep?prop.or can partnership firm will also charge dep.upto date of transfer?
n what about additional dep on mach.purchased by partnership firm,can individual charge additional dep on it ?(as it has become second hand asset for him)
plz advice other tax implications also
all assets have been transferred at book value only
thankx
08 October 2008
1)depreciation will be charged in partnership accounts and thereafter in proprietry accounts.
2) These are second hand only to prop firm.
3) WDV will continue with prop.
2) These are second hand only to prop firm.
3) WDV will continue with prop.
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