Depreciation allowed in case of conversion
This query is : Resolved
26 August 2013
Dear Sir,
I want to know amount of depreciation that we can claim as per provision of Income Tax Act, 1961.
Actually a proprietorship firm get converted into a private limited company on 01.July.2012 thereafter company is in operation.
So while submitting Income Tax Return how much depreciation can we claim;i.e; can we claim depreciation in 3:9 proportion while filing Income tax return of both individual & Company for the Assessment Year 2013-2014.
Waiting for the earliest response!
Thanks & Regards
Dhiraj Kumar
I want to know amount of depreciation that we can claim as per provision of Income Tax Act, 1961.
Actually a proprietorship firm get converted into a private limited company on 01.July.2012 thereafter company is in operation.
So while submitting Income Tax Return how much depreciation can we claim;i.e; can we claim depreciation in 3:9 proportion while filing Income tax return of both individual & Company for the Assessment Year 2013-2014.
Waiting for the earliest response!
Thanks & Regards
Dhiraj Kumar
26 August 2013
Depreciation will be divided proportinately between the days used by prop firm and co.
27 August 2013
Thanks for your Reply Sir
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