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Depreciation u/s 32 of i.t act.

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30 March 2012 One of my client being an Individual is engaged in Manufacturing Activities since last 8 years.

In his Books there is a Block of Asset being Building Premises on which he charging Depreciation every year as per I.T. Act.Till 31.03.2011 the Book value was Rs.43222/- During F.Y.2011-12 the said Building is sold for Rs.6,50,000/- in April,2011 by way of Registered Sale Deed. Now He purchased a new Guest House for Business Purposes on 28/03/2011 for amount Rs.22,00,000/-

Now query is whether we can add the said Guest House in the Block of Building Premises during the financial year 2011-12 & charge depreciation on the balance amount @ half rate of depreciation as per I.T. Act or not.

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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
30 March 2012 Opening WDV Rs. 43,222
Add: Acquisition during the year Rs.22 lakh
Less: Transfer during the year Rs. 6.5 lakh

Closing Balance - Rs. 15,93,222

Depreciation shall be allowed at 50% of the rate.
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