Take over of assets from partnership
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 August 2012
Hi,
If a person has retired from partnership say on 01/10/2011 and partnership is continued further. He had taken machinery and factory shed from partnership firm and started his own business. What effect should be given in books of accounts from income tax angle.
Whether WDV as on 31/03/2011 to be taken or 6 months depreciation to be calculated on assets taken in proprietorship. No other consideration is given.
If a person has retired from partnership say on 01/10/2011 and partnership is continued further. He had taken machinery and factory shed from partnership firm and started his own business. What effect should be given in books of accounts from income tax angle.
Whether WDV as on 31/03/2011 to be taken or 6 months depreciation to be calculated on assets taken in proprietorship. No other consideration is given.
28 August 2012
Value of Machinary & factory shed as agreed in retirement deed is to be debited to fix assets by crediting to capital acct.
depreciation for 6 month will be available for prop. busineess.
depreciation for 6 month will be available for prop. busineess.
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