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This query is : Resolved

CA Atul verma (Querist)
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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

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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22 September 2009 full dep. is to be calculated in the yr in which the assest is put to used.

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
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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.

CA Binal Shah

CA Binal Shah (Expert)
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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.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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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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