Depreciation on Idle Asset
This query is : Resolved
Chintan Gajjar
(Querist)
18 June 2011
Can depreciation be claimed as per sec. 32 if asset (say office) is put to use in one year and in the subsequent year, the same has been vacant and not used at all? If depreciation can not be claimed then how shall it will be identified as it shall have been clubbed according to BLOCK OF ASSET method? And further also it can not be shown as deduction from block as no amount received for sale.
Thanks..
Thanks..
18 June 2011
if the asset is not used in any previous year u cannot claim the depreciation U/s32.
To identify such assets one can refer earlier years books of accounts and can very well identify the cost of the asset.
To identify such assets one can refer earlier years books of accounts and can very well identify the cost of the asset.
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