Depreciation
This query is : Resolved
PRERNA LAHOTI
(Querist)
10 August 2009
Whether depreciation is allowed on an asset purchased and sold in the same previous year?
6 assets were purchased during the year in that block and all were put to use for a period less than 180 days. 1 of those assets was sold during the year.
So, wether depreciation would be allowed on that asset or not????
6 assets were purchased during the year in that block and all were put to use for a period less than 180 days. 1 of those assets was sold during the year.
So, wether depreciation would be allowed on that asset or not????
10 August 2009
cost of the asset will be added in the cost of block sale wproceeds will be deducted & on balance dep. will be calculated.
On opening , full dep.
On additions less sale= half rate of dep will be allowed.
On opening , full dep.
On additions less sale= half rate of dep will be allowed.
CA Gangadhar Mishra
(Expert)
10 August 2009
As per Income Tax Act, any fixed assets added to the block and if it is ready to use then you can claim depreciation at full rate if used more than 6 months otherwise half the rate.If any assets sold in a particular year then the sale proceeds will be reduced from the block of assets, if it is +tive charge depreciation, if it is -tive then show as loss on sale of assets in the P L A/C.
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