Depreciation
This query is : Resolved
02 July 2012
Hi everyone..
I have a query regd. depreciation on fixed assets which have been sold during the year. An asset consisting a part of block of assets is sold on 30/03/12 after being used for several years. What would be the admissible depreciation on it as per Income Tax Act..? Will it be allowed for.
..
1. For whole year
2. for 180 days
3. No depreciation
Looking forward for your opinions..!!
I have a query regd. depreciation on fixed assets which have been sold during the year. An asset consisting a part of block of assets is sold on 30/03/12 after being used for several years. What would be the admissible depreciation on it as per Income Tax Act..? Will it be allowed for.
..
1. For whole year
2. for 180 days
3. No depreciation
Looking forward for your opinions..!!
02 July 2012
In my opinion there can not be any depreciation charge allowed as the WDV is to be taken as at the end of the FY and since the asset got transferred before the year end the WDV as 31/03/12 is going to be excluding the sale proceeds. Section 32(1)(ii)(ii). The depreciation percentages are to be applied to WDV. There cannot be a WDV in the middle of the year.
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- Rental income of jointly held property
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
