Derpreciation on Fixed Asset
This query is : Resolved
Viral M Shah
(Querist)
23 March 2009
There is an fixed asset machinery which was been dismentaled from one factory & shifted to another factory in the same company ,but still it is not been reinstalled, so can I claim the depreciation for that part of the period after which it was dismentaled & till it is reinstalled , as per companies Act & Income tax act.
CA Tilak Raj Sharma
(Expert)
23 March 2009
Yes, you can claim depreciation. There is no provision under both these laws for this. Once an assets is put to use, you can claim depreciation untill it was sold off, disposed off or fully written off.
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