Depreciation
This query is : Resolved
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
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
25 September 2010
FOR INCOME TAX PURPOSE NO DEPRECIATION WILL BE AVAILABLE.
ANY EXTRA AMOUNT REALISED WILL BE TREATED AS SHORT TERM CAPITAL GAIN.
ANY EXTRA AMOUNT REALISED WILL BE TREATED AS SHORT TERM CAPITAL GAIN.
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