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.
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.
CAclubindia
