Depreciation on live stock according to income tax act.
This query is : Resolved
05 March 2012
how many depreciation on live stock according to income tax act.
06 March 2012
Depreciation is not allowed on live stock. When the animal dies or permanently becomes useless a deduction is allowed u/s 36(1)(vi).
Deduction is equal to the difference between the actual cost to the assessee of the animals and the amount, if any, realised in respect of the carcasses or animals.
Deduction is equal to the difference between the actual cost to the assessee of the animals and the amount, if any, realised in respect of the carcasses or animals.
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