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Dep after useful life

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(Querist)
06 June 2015 Sir, if an asset whose useful life is over but still usable and sold to another party. Then what is the further procedure for charging dep on the asset for other party? pls clarify.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
06 June 2015 For the other party the gross cost is the amount paid for buying the asset. The other party has to determine the further useful life of the asset and depreciate accordingly.
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