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Depreciation

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(Querist)
08 May 2014 If an asset is purchased and sold during the same year then depreciation is allowed?
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Sandeep Dharar

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Sandeep Dharar (Expert)
08 May 2014 It depends on the policy of the enterprise, if they r providing depn. on the the Assets in the year of sale. As per IT Act there is no such restriction.
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Sapna Jain

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Sapna Jain (Querist)
08 May 2014 so existence of asset at the year end is not necessary if it is purchased in the same year?
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Sandeep Dharar

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Sandeep Dharar (Expert)
08 May 2014 No u can dispose it in the same year if u want.
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Sapna Jain

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Sapna Jain (Querist)
08 May 2014 and if there is single asset in the block then we cannot claim the depreciation, it will lead to short term capital gain or loss
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Sandeep Dharar

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Sandeep Dharar (Expert)
08 May 2014 It will result in ur other income. Profit/Loss on sale of Fixed Assets.
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