Depreciation for Machinery

This query is : Resolved

Mukesh (Querist)
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28 May 2010 Machinery was purchased in April and it was returned back to vendor in december , whether for this depreciation has to be calculated

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 May 2010 NO.

Rahul Gupta

Rahul Gupta (Expert)
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28 May 2010 Depreciation is available only if the asset has been put to use. If you have used the machinery for your business, then only the you are eligible to claim depreciation.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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28 May 2010 AGREED WITH MR. RAHUL.
IF MACHINE IS PUT TO USE , THEN YOU WILL BE ELIGIBLE TO CLAIM DEPRECIATION AS PER COMPANY ACT.
BUT AS PER INCOME TAX , NO DEPRECIATION WILL BE MADE, IF ASSET IS SOLD DURING THE SAME YEAR IN WHIHC IT IS PURCHASED.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 May 2010 AGREE. MY ANSWER WAS FROM IT POINT OF VIEW.
THANKS ALL FOR ELABORATION.

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