Depreacition on aseets sold during the year
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2012
Hi,
My client is a Private Limited company, sold asset during the year i.e. 15-10-11, should deprecition required to provide in the books from 01-04-11 to 14-10-11 ?
Pl. explain, thanks in advance.
My client is a Private Limited company, sold asset during the year i.e. 15-10-11, should deprecition required to provide in the books from 01-04-11 to 14-10-11 ?
Pl. explain, thanks in advance.
prateek aanchalia
(Expert)
27 June 2012
In company books required to provide depreciation upto the sale date (14.10.11) but as per income tax return purpose machinery directly deduct from WDV of block of assets and than on balance amount charge depreciation.
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