Depreciation
This query is : Resolved
02 April 2012
can i claim depreciation for the discontinued business in the mid of the fin year. the business is closed in the month of oct '11. explain in both company and non-corporate cases. thanks in advance
04 April 2012
First please clarify what have you done with the assets. Have you sold them or discarded them?
In the above cases, Section 50 shall be applicable.
In the above cases, Section 50 shall be applicable.
04 April 2012
i still holding the assets till the date of the business discontinued.
05 April 2012
When a business is discontinued, the assets are either sold or written off.
What did you do with the assets at the time of closing the business?
What did you do with the assets at the time of closing the business?
05 April 2012
for closing books as on business close can we claim deprecation
05 April 2012
Yes you can claim depreciation if you have not sold or written off the assets.
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