SEC 32 depreciaiton on sale of asset
This query is : Resolved
25 June 2009
If an asset was purchased and sold in the second half of the SAME year, how should the depreciation be calculated?
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.
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.
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
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- TAN for Partnership
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Specified Profession
- STCG on ETF gold & silver
- If there is Long term capital gain exists how much total income to be considered
- Agriculture income or business income
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
