Details of depreciation
This query is : Resolved
27 November 2012
Dear sir,
An individual purchase the bus in 2001 - 02 then he has made depreciation for that year, then he has put to use the bus in 6 month for 2002 - 03 then he has sales the bus, whether depreciation is made for 2002 -03 in the books of individual?
Dear sir,
An individual purchase the bus in 2001 - 02 then he has made depreciation for that year, then he has put to use the bus in 6 month for 2002 - 03 then he has sales the bus, whether depreciation is made for 2002 -03 in the books of individual?
Dintakurthi Tirumala
(Expert)
27 November 2012
According to the IT Act depreciation doesn't allowed for the year in which year the asset was sold. So for your case for 2002-03 as per IT act Depreciation doesn't allowed.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
CA CS Amit S. Kedia
(Expert)
27 November 2012
Agree with the expert,
The depreciation is not allowed for the year in which the asset is sold/discarded.
The depreciation is not allowed for the year in which the asset is sold/discarded.
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