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Depreciation

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 August 2012 can we charge depreciation on assets which was received in grant in kind of capital nature (OR WE CAN SAY THIS out payment of single rupee). and the value of such assets is more than one crores.
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srinath

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srinath (Expert)
07 August 2012 as per explanation as per section 43(1) any cost which has been directly or indirectly met by any other person shall be reduced from the cost of asset and only on the balance depreciation can be claimed.

Therefore, if a capital asset has been received in kind then there would not be any depreciation under IT act for the said asset
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