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?
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
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Regarding appeal to GSTAT
- Multiple trade mark
- Value of property in capital gain
- Form 121 & TDS deduction
- Copyright software
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Regarding TDS Applicability For Director Remuneration
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
