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.

CA C.JANANI

CA C.JANANI (Expert)
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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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