Depreciation under sec 32
This query is : Resolved
21 August 2012
asset as on 1/4/11 = Rs. 200000,as on 1/5/11 this asset is sold out for Rs.400000. as on 1/8/11 new asset is purchase for Rs.500000. What is the depreciation under sec 32 as per income tax for the F.Y.11-12..Please give me answer.
CA CS Amit S. Kedia
(Expert)
21 August 2012
depreciation will be allowed on Rs. 300000 at the rate prescribed.
CA CS Amit S. Kedia
(Expert)
21 August 2012
Opening WDV- RS. 200000
Add: addition during the year.Rs. 500000
less: Sale during the year Rs. 400000
WDV Rs. 300000
Depreciation on above @10% Rs. 30000
Add: addition during the year.Rs. 500000
less: Sale during the year Rs. 400000
WDV Rs. 300000
Depreciation on above @10% Rs. 30000
SANYAM ARORA
(Expert)
21 August 2012
Agreed with the reply
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