DEPRECIATION ON FIXED ASSETS SOLD AFTER 180 DAYS
This query is : Resolved
19 September 2010
IF IN A PARTNERSHIP FIRM OR PROPROPRIETORSHIP FIRM IF THERE IS SALE OF FIXED ASSETS ON 12/02/2010 I. E. AFTER 180 DAYS
THEN FOR WHICH PERIOD DEPRECIATION SHOULD BE CLAIMED
FOR WHOLE YEAR
OR HALF YEAR
THEN FOR WHICH PERIOD DEPRECIATION SHOULD BE CLAIMED
FOR WHOLE YEAR
OR HALF YEAR
19 September 2010
If an asset is sold, no depreciation need to be charged as per the Income tax Act,
1961 irrespective of the date of sale.
1961 irrespective of the date of sale.
Message likes :
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19 September 2010
Agreed with Chackrapani Sir, because in Income Tax depreciation is provided in Block of assets, existing as on MArch 31st.
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