Depreciation in case of transfer of business

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Articled Trainee
49 Points Posted on 26 June 2014

What will be the effect of Depreciation in case of Transfer of Business from deceased Father to Son as per Income Tax Act ?

We are going to make 2 Balance Sheets.

Do we calculate Depreciation in the proportion of Number of Days or 50:50 or wholly in books of Father or wholly in books of Son?

Also let us know the accounting effect....

 

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On 26 June 2014 at 11:39 Report
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Keen to learn something new every moment
2160 Points Posted on 26 June 2014
IF both business is different from each other than no days used by each business shall be calculated and in the same proportion depreciation is to be claimed. If same business is being carried out then full depreciation u can claim in ur current business.
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On 26 June 2014 at 12:05
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Student as well as Self-employed
3853 Points Posted on 26 June 2014
dep. to be calculated in proportion of no. of days.
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On 26 June 2014 at 22:30

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