SEC 32 depreciaiton on sale of asset
This query is : Resolved
Rameez Anwar
(Querist)
25 June 2009
If an asset was purchased and sold in the second half of the SAME year, how should the depreciation be calculated?
Vipul J. Bhavsar
(Expert)
25 June 2009
If the asset is bought and sold in the second half of the same year, full rate of depreciation will be charged for the proportionate period.
CA.Tarun Maheshwari
(Expert)
25 June 2009
Under Income Tax, the depreciation is calculated on closing WDV of the block and not on proportionate period basis. If you buy an asset and sell it in the same period, the you can claim depreciation only if there is any other asset exist in the same block, and the selling amount is lesser then the WDV value of that block. Otherwise, you can not claim depreciation.
CMA Ankur Pandey
(Expert)
25 June 2009
agree with tarun
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
- EPF ECR NEW FILE SEP 17TH 2026
- GST on Renting godown to KFCSC for Storage of Raagi
- Non filing of I T Returns
- Capitalgain tax purposes for valuation report compulsory
- Under marginal scheme
- TAX AUDIT ON PROFESSIONAL INCOME
- TDS on Fixed Assets purchased
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- Oct 2025 Invoices
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
