depreciation of seized vehicel in between one financial year

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MOIN ALI (Querist)
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08 June 2016 due to non payment of installment my omini car was seized by related officer. so please assist me how I show in my balance sheet regarding this. seized date 05/08/2015.

Rupesh Jain

Rupesh Jain (Expert)
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08 June 2016 vehicle in your owner ship and use more than 180 days then take full depreciation otherwise 50% depreciation can claim. if it not in your ownership then calculate the profit or loss don't claim depreciation if no assets in that block.

MOIN ALI

MOIN ALI (Querist)
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08 June 2016 thank u soo much sir

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