sec 32
This query is : Resolved
22 September 2009
if the new assets purchase during the year
but put to use in next year less 180 days
how much dep claim in next year.
or that assets is shown in current year balance sheet or not
but put to use in next year less 180 days
how much dep claim in next year.
or that assets is shown in current year balance sheet or not
22 September 2009
full dep. is to be calculated in the yr in which the assest is put to used.
22 September 2009
Full depreciation for next year. Yes it is shown in the current year b/s. but depreciation not provided during the year i.e. current year because it is not put to use.
23 September 2009
Hi,
Once the asset is purchased for the purpose of business,it is to be shown in the balance sheet. And depreciation to be claimed when it is put to use and for the period for which it is put to used.
So in ur case, in the current year asset wil be shown in the b/s but as it is not put to use no depn to be claimed. now in the next year depn can be claimed for the period for which it is put to use.i.e. if used for less than 180 days half of the depn to be claimed otherwise full depn to be claimed.
Once the asset is purchased for the purpose of business,it is to be shown in the balance sheet. And depreciation to be claimed when it is put to use and for the period for which it is put to used.
So in ur case, in the current year asset wil be shown in the b/s but as it is not put to use no depn to be claimed. now in the next year depn can be claimed for the period for which it is put to use.i.e. if used for less than 180 days half of the depn to be claimed otherwise full depn to be claimed.
23 September 2009
in the next year full depreciation is to considered and not half as this option (of 180 days) is available only when the asset is purchased and put to use in the same year.
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