SALE OF BUSINESS ASSET
This query is : Resolved
25 January 2011
A TRUCK IS SOLD WHICH WAS USED FOR BUSINESS PURPOSE. IS DEPRECIATION CHARGEABLE IN THE YEAR OF SALE ?
25 January 2011
you can claim depreciation u/s 32 only if you are having that asset on last date of the previous year, because asset sold before the last date therefore, deprecaition cannot be charged.
Regards!!!
Regards!!!
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