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?
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.
Naveen Fintech Pvt Ltd
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CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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