Depreciation in case of death of proprietor
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 October 2012
Dear Team
Proprietor of firm died in the month of November and his accounts were final with depreciation of machinery @15%. But after that his business were take over by his son, Pl confirm whether depreciation again to be charged @7.5% on that machinery or not in the books of accounts of his son. Pl clarify it. thanks.
Proprietor of firm died in the month of November and his accounts were final with depreciation of machinery @15%. But after that his business were take over by his son, Pl confirm whether depreciation again to be charged @7.5% on that machinery or not in the books of accounts of his son. Pl clarify it. thanks.
CA C.JANANI
(Expert)
17 October 2012
Yes . Since Son becomes an assessee subsequently he is eleigible for the 7.5 % on machinery as business expenditure for usageof less than 6 months.
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