Depreciation
This query is : Resolved
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?
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.
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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