Depreciation
This query is : Resolved
10 June 2010
Sir,
If i purchase an asset in previous year but ommitted to capitalise the same last year but capitalised current year. The asset was put to use last year itself. Can i claim depreciation from the actual date it is put to use or from 01.04 of the current year? Pls explain
If i purchase an asset in previous year but ommitted to capitalise the same last year but capitalised current year. The asset was put to use last year itself. Can i claim depreciation from the actual date it is put to use or from 01.04 of the current year? Pls explain
CMA Ramesh Krishnan
(Expert)
10 June 2010
You can Depreciate from actual date of put into use. what ever depreciation related to previous year need to show as prior period adjustment
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