Depreciation

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Debashis Mandal (Querist)
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24 September 2010 Respected Experts
If a Block of Asset consists of one asset only & if that is sold on the 2nd half of a financial year then can the assessee claim Depreciation on that particular asset for half of the year when the asset is used for business upto the period of sale of such asset & if the sale earns some extra revenue above WDV then can it be treated as business income
thanks
Debashis Mandal

CA Sanat Pyne

CA Sanat Pyne (Expert)
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25 September 2010 FOR INCOME TAX PURPOSE NO DEPRECIATION WILL BE AVAILABLE.
ANY EXTRA AMOUNT REALISED WILL BE TREATED AS SHORT TERM CAPITAL GAIN.

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