Depreciation

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Akshay Shah (Querist)

23 December 2015 In case of conversion from Private Ltd. Co. to Limited Liability Partnership during the year, what is the treatment of depreciation in case of both assessees aforementioned?

CA Kumar Mukesh

CA Kumar Mukesh (Expert)

23 December 2015 As far depreciation is concerned, depreciation need to bifurcated between both assessees on number of days asset was held by both assessee during the previous year under section 32 of Income Tax Act.

Akshay Shah

Akshay Shah (Querist)

23 December 2015 Please give the treatment of depriciation in case of non-compliance u/s. 47(xiiib).

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

23 December 2015 In case of non-compliance of Section 47(xiiib), the LLP will claim depreciation according to the no. of days the asset has been put to use by it.
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Pvt Ltd Co. can not claim depreciation on the depreciable assets transferred by it.
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Akshay Shah

Akshay Shah (Querist)

24 December 2015 Thanks for the solution, Paras Sir. But can you provide me the link to a website of above solution. I need it as a proof. Thanks!

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