Depreciation
This query is : Resolved
02 April 2011
If i have sold my car which has regeistered in my company and i have sold in the month of 15.3.2011 shall i get full dereciation on the said car
04 April 2011
As per Income tax act,1961, depreciation will not be allowed in the year of sale of an asset. Accordingly, depreciation will not be allowed in financial year 2010-11 for the purpose of income tax calculation.
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