Department of fixed assets

Sanat kumar

Chartered Accountant

265 Points Joined December 2009

Hi Hemant,

You can claim depreciation @ half rate for that year.

As per section 32 where an asset is acquired by the assessee during the previous year and is put to use for the purposes of business or profession for a period of less than 180 days in that previous year, the deduction for depreciation in respect of such asset shall be restricted to fifty per cent.

Under Income tax Act, we have to claim dep. either at100% or 50% of prescribed dep rate.

Guest

computation of Depreciation under section 32,

Asset purchased during the year and put to use for less than 180 days-if any particular asset is purchased during the year and it has been put to use for less than 180days during the year , in that case , depreciation is allowed at half the normal rate.

If it is purchased during the year and it not at all put to use , dep shall not allowed . but in subsequent year whenever the asset is put to use , full dep shall be allowed irrespective of period of use.

Nisarg Desai

Article Assistant

53 Points Joined February 2011

Agreed with Mr. Sanat

Guest

Originally posted by : Sanat kumar
	Hi Hemant, You can claim depreciation @ half rate for that year. As per section 32 where an asset is acquired by the assessee during the previous year and is put to use for the purposes of business or profession for a period of less than 180 days in that previous year, the deduction for depreciation in respect of such asset shall be restricted to fifty per cent. Under Income tax Act, we have to claim dep. either at100% or 50% of prescribed dep rate.

agreed with sanat

Ritu Sedwal

Chartered Accountant

407 Points Joined May 2009

Yes.. less than 180 days...half the rate of depreciation

Mukesh Kumar Singh

CA-FINAL

4094 Points Joined January 2011

computation of Depreciation under section 32,

Asset purchased during the year and put to use for less than 180 days-if any particular asset is purchased during the year and it has been put to use for less than 180days during the year , in that case , depreciation is allowed at half the normal rate.

If it is purchased during the year and it not at all put to use , dep shall not allowed . but in subsequent year whenever the asset is put to use , full dep shall be allowed irrespective of period of use.