Depreciation
This query is : Resolved
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Not able to file ITR
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
