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Depreciation if assessee shift from prop. to firm
If an assessee changing its business status from proprietor to firm than how will be the depreciation claimed by both on same assests and how to deal with the WDV for both the assessee. Assset is Motor Cabs running on hire
Replies (1)
dep. to be charged proportionately on no. of days basis. wdv for firm will be the agreed value at which the firm agrees to take over such asset. dep. by firm will be charged on this value only.
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