Depreciation on asset sold
This query is : Resolved
18 May 2009
As per INCOME TAX ACT, no depreciation will be charged on an asset sold during the year.
But there is a confusion regarding the Companies Act.
Should we provide depreciation on asset sold during the year accounted on days basis in COMPANIES ACT?
But there is a confusion regarding the Companies Act.
Should we provide depreciation on asset sold during the year accounted on days basis in COMPANIES ACT?
18 May 2009
Yes. Last para of the query is the right answer.
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18 May 2009
agree with the experet
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18 May 2009
Yes. Depreciation is calculated on the basis of number of days. Even if the asset is used for one day and then sold, the depreciation shall be calculated for one day.
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