my client is starting a new business he already purchased plant and machine for rs 50 lakh till date and business will start from may 2018 , my querry is wheather depreciation is allowed or not. and if allowed then 50 lakh *15%= 6 lakh is loss from business will carry forward?
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Depreciation
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sir, firstly clear that when it has been purchased if it has been purchased before may 2018. when you are recording it in books. what is your commencement of date of business.
depreciation is allowed from the date when the asset will be put to use for business purpose
Depreciation is allowed from the date on which assets are put to use.
hence, depreciation will be allowed from may2018 when assets are put to use.
depreciation is allowed from the date when the asset will be put to use for business purpose
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