Regarding depreciation
This query is : Resolved
29 September 2014
Dear CCI members,
My query is reqarding how depreciation will be claimed , when business is transfered from sole proprietor to partnership firm and such change happens in middle of the year.
Whether we have to split it on basis of days and claim?? or is there any rule prescribed?
and How WDV will be shown for sole proprietor and partnership firm?
The treatment is as per IT act!
My query is reqarding how depreciation will be claimed , when business is transfered from sole proprietor to partnership firm and such change happens in middle of the year.
Whether we have to split it on basis of days and claim?? or is there any rule prescribed?
and How WDV will be shown for sole proprietor and partnership firm?
The treatment is as per IT act!
Nikhil Kaushik
(Expert)
06 October 2014
the proprietor is not eligible to claim the depreciation in the year of transfer. The firm will claim depreciation as per the section 32.
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