Depreciation

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anmol gupta

anmol gupta (Querist)
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18 September 2014 If asset is sold after 2nd september then will depreciation be charged on it as per income tax act?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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18 September 2014 Deprecitaion will be charged at full rate.

anmol gupta

anmol gupta (Querist)
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19 September 2014 asset sold on 2nd december 2013. Will depreciation be charged on such asset at half rate or will its value be reduced from the block of assets and depreciation be charged on balance amount?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 September 2014 Sorry i did not notice the word sold. Yes if the block exist then you have to charge depreciation. Since used for less than 180 days. 50% depreciation can be claimed. For detail provision with illustration see below link--

https://www.indiataxes.com/Information/incometax/contents/pgbp/allowdeductions/specificdud/specific_dud_3.htm

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