Depreciation on sale of assets after sept as per income tax
This query is : Resolved
HITESH KHONA
(Querist)
09 September 2011
Dear All,
Following is the situation :-
Opening Bal :- 1000000
Additions :- 000
(from april to sept)
Additions :- (200000)
(from Oct to Mar)
WDV 800000
Depn (150000)
Bal 650000
In the above example the depn on deletions from oct to mar is taken @ 50% of the depn rate. So is this correct. Because the assets which are sold are in use for more than a year.
Please reply ASAP
Thanks in Advance
Regards
Hitesh Khona
Following is the situation :-
Opening Bal :- 1000000
Additions :- 000
(from april to sept)
Additions :- (200000)
(from Oct to Mar)
WDV 800000
Depn (150000)
Bal 650000
In the above example the depn on deletions from oct to mar is taken @ 50% of the depn rate. So is this correct. Because the assets which are sold are in use for more than a year.
Please reply ASAP
Thanks in Advance
Regards
Hitesh Khona
CA Rajeev Bansal
(Expert)
09 September 2011
Depreciation is not available on the assets which are sold, demolished or discarded.
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