Depreciation cal.
This query is : Resolved
30 December 2011
Dear Sir...
I have a query regarding Depreciation calculation , when an Assesse purchased an WDV Machinery used by previous Assess e, for 9 years , suppose its life span of machinery is 10 years , can the assess e use the WDV machinery for more than 10 years and claim depreciation as the sec 32 of IT act 1961,
I have a query regarding Depreciation calculation , when an Assesse purchased an WDV Machinery used by previous Assess e, for 9 years , suppose its life span of machinery is 10 years , can the assess e use the WDV machinery for more than 10 years and claim depreciation as the sec 32 of IT act 1961,
30 December 2011
You are talking about straight line method
perhaps.
.
Depreciation claimed for the purpose of
Income Tax may be different then the amount of Depreciation written off in the books. In case , as per Income Tax you can claim depreciation .....on the WDV as per Income Tax Act.
.
If after 9 years WDV of Machinery is 1000. It has been sold by X to Y for Rs. 5000. Y can claim depreciation on Rs. 5000/.
( X can claim depreciation on Rs 1000/ if he repurchases the Machine from Y for Rs. 7500/-)
perhaps.
.
Depreciation claimed for the purpose of
Income Tax may be different then the amount of Depreciation written off in the books. In case , as per Income Tax you can claim depreciation .....on the WDV as per Income Tax Act.
.
If after 9 years WDV of Machinery is 1000. It has been sold by X to Y for Rs. 5000. Y can claim depreciation on Rs. 5000/.
( X can claim depreciation on Rs 1000/ if he repurchases the Machine from Y for Rs. 7500/-)
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