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Depreciation

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(Querist)
18 October 2014 Our company has purchased a machine on 30 sept 2014. Is it eligible for full15 depr. If 180 days r calculated then 30 sept is 183 day of the year then 7.5 is eligible.plz solve my query
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
18 October 2014 If the asset is used for less than 180 days then 50% of the depreciation is claimable;

Else if use is 180 days or more then full depreciation claim is allowable.
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CA VISHWAKEERTHI.P.S.

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CA VISHWAKEERTHI.P.S. (Expert)
18 October 2014 Sir,

Your company eligible for 15% depreciation .

3rd October shall be the cutoff date. I.e., if any assets purchased before 3rd October asset eligible for full depreciation.

If assets purchased and put use after 3rd October then 50% of depreciation allowed.

AND

You told that you purchased the assets on 30th September No. of days shall be 183 days . So more than 180 days so eligible for full depreciation.
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