Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2012
A propreitorship converted into partnership in the middle of the year. How the fixed assets and depreciation to be calculated for tax purposes?
21 September 2012
At which cost the assets transferred is the cost of purchases to the partnership firm and on this value the depreciation has to charge according to the income tax rates. If such transfer taken place on or after 2nd October then half of the depreciation has to claim for the first year.
The same value is the sale consideration to the propreitorship so based on these values and WDV of the assets in the propreitorship calculate short-term capital gain/loss and no depreciation will be allowed to the propreitorship for the transferred year.
OM SAI SRI SAI JAI JAI SAI
The same value is the sale consideration to the propreitorship so based on these values and WDV of the assets in the propreitorship calculate short-term capital gain/loss and no depreciation will be allowed to the propreitorship for the transferred year.
OM SAI SRI SAI JAI JAI SAI
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
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Internship/Academic shown in Salary Pay Slip of a Doctor
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Liable to deduct tds and 44ADA
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
