Depreciation
This query is : Resolved
03 June 2011
Should depreciation be claimed on the sale of commercial vehicles on the usage basis?
Rakesh Jain
(Expert)
03 June 2011
As per Income tax Act, if a assets is sold during the year than it should be deducted from the gross block and if there is no gross block than capital gain and loss should be calculated on such assets. no dep. shall be charged on such assets for the period.
As per Co. Act if a assets is sold during the year than dep. should be charged on the usage basis.
With Regards,
As per Co. Act if a assets is sold during the year than dep. should be charged on the usage basis.
With Regards,
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