Depreciation IT Act in the year of Asset Sold
This query is : Resolved
Vipul Acharya
(Querist)
12 June 2022
We are selling assets, like P & M, Furniture and other office equipment as we are shifting our establishment
We will sell assets by 31st Jul 2022, is depreciation allowable on the assets sold during the year
In some cases block of asset will cease to exist and in some cases it will be exist
We will sell assets by 31st Jul 2022, is depreciation allowable on the assets sold during the year
In some cases block of asset will cease to exist and in some cases it will be exist
CA R SEETHARAMAN
(Expert)
12 June 2022
Charge depreciation after crediting sale value to block of assets.
No depreciation in case of block of assets cease to exist.
No depreciation in case of block of assets cease to exist.
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