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Dep on Asset sold

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(Querist)
16 June 2009 If an individual Asset out of a blok is sold during the year, how is the dep calculated over that asset for the days used during that year under Cos Act & Income tax Act?
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Deepak Gupta

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Deepak Gupta (Expert)
16 June 2009 Under the Co.s Act depreciation is to be calculated on the basis of number of days assets was used during that financial year. Hence proportionate depreciation for the period up to date of sale shall be calculated.

Under the Income Tax Act, depreciation is calculated on wdv after deducting the sale price of the assets sold from the value of block at the begining of the financial year.
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