Depreciation on assets in case of succession on a/c of death

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CA Santosh Dhumal (Querist)
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21 May 2014 If "A" is proprietor of business, during the year succession of business was taken place due to death of assessee. said business is transferred to his son "B"in the first quarter on the Previous year. what will be the depreciation deductible in the hands of A and B relevant assessment year. with the Provision of Section 32 of Income tax act 1961.

Rupesh Jain

Rupesh Jain (Expert)
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22 May 2014 you can make two bal. and profit & loss a/c first for prop. and second for B and take depreciation accordingly.

CA Santosh Dhumal

CA Santosh Dhumal (Querist)
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22 May 2014 WHETHER SECTION 32 ALLOWS TO DO SO?

Rupesh Jain

Rupesh Jain (Expert)
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23 May 2014 YES DEPREICTION allowed you as per law if assets use duging the year more than 180 days full depreciation

used less than 180 days during the year 50% of normal rate of depreciation.

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