Depreciation

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HEM CHANDRA (Querist)
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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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

HEM CHANDRA

HEM CHANDRA (Querist)
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04 April 2012 i still holding the assets till the date of the business discontinued.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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?

HEM CHANDRA

HEM CHANDRA (Querist)
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05 April 2012 for closing books as on business close can we claim deprecation

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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05 April 2012 Yes you can claim depreciation if you have not sold or written off the assets.