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Depreciation

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Querist : Anonymous

Querist : Anonymous (Querist)

22 May 2011 As per Income Tax Act, Will depreciation be applicable on Fixed Assets purchase and sale in the same year?

U S Sharma

U S Sharma (Expert)
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22 May 2011 though its available but its only hardship to accounting, as the depriciation so claimed would get neutralized in profit/loss account by way of profit and loss account of the fixed asset. so effect of depriciation claim would go zero.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 May 2011 As per the Income Tax Act 1961, depreciation is allowable on available asset which is owned and put to use in previous year.As a corollary,if fixed ssset is sold during the previous year depreciation is not allowed as per section 32 of the said act in the year of sale.

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