An assessee using a depreciable asset for 5 yrs has sold the asset in june 2008.Whether such an assessee can claim depreciation for half year in business?
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Deprciation claim on sale of depreciable assets
Replies (4)
He cannot claim depreciation of that assets under income tax act
under income tax act no depreciation will be allowed.
however if the assessee is a company then proportionate depreciation could be claimed to calculate book prfit under companie act.
under income tax act it will still be disallowed.
No.
Mr. Ritesh is correct.
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