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Depreciation on live stock

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(Querist)
22 August 2016 Whether depreciation is application on Live Stock. If yes that at What percentage.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
23 August 2016 No depreciation applicable on live stock.
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Kartik

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Kartik (Querist)
23 August 2016 So it will be stated at historical cost only??
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Soumitra Basu

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Soumitra Basu (Expert)
23 August 2016 LIVE STOCK HAS TO BE REVALUED IN EVERY YEAR
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
23 August 2016 Yes it has to be revalued every year.
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Kartik

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Kartik (Querist)
23 August 2016 Dear Experts, such revaluation is allowable under Income Tax.
Thanks in advance.
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