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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- ITDS U/S.194T of Firm
- GST not cancelled by tenant
- Non-Compliance documents have not been submitted by the contractors debited
- Capital gain on sale and purchase of plot
- Filling ITR - U
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
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
