Depreciation on block of assets
This query is : Resolved
11 August 2016
Dear Sir,
I have Motor cycle opening Balance as on 1-4-2015 Rs. 20056. I have sold this motor cycle on 21-12-2015 Rs. 9500/- and purchased new motor cycle on 21-12-2015 for Rs. 50500/-. can any one tell me what is the depreciation amount as per income tax act, 1961?
I have Motor cycle opening Balance as on 1-4-2015 Rs. 20056. I have sold this motor cycle on 21-12-2015 Rs. 9500/- and purchased new motor cycle on 21-12-2015 for Rs. 50500/-. can any one tell me what is the depreciation amount as per income tax act, 1961?
11 August 2016
As per Income Tax Act, depreciation will be Rs. 9158 i.e. 15% on 61056 (Opening + Purchase - Sale Amount)
12 August 2016
but sir, new assets purchased is used for less than 182 days.
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