Akash Joshi (2 Points)
29 June 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193928 Points)
Replied 29 June 2018
As per section 36 (1) (vi) of the Income Tax Act, 1961. It very clearly states that in respect of animals which have been used for the purposes of the business or profession otherwise than as stock-in-trade and have died or become permanently useless for such purposes, the difference between the actual cost to the assessee of the animals and the amount, if any, realised in respect of the carcasses or animals.
As such no Depreciation on live stock. and when they die... just reduce the amount which was added at the time of their purchase
Read more at: https://www.caclubindia.com/forum/live-stock--108692.asp
A B Kundu
(Professional)
(1427 Points)
Replied 29 June 2018
Livestocks are not subject to depreciation.
Ritik Chopra
(student)
(8133 Points)
Replied 01 April 2021
Depreciation is not charged on live stock. However, at the time animal died or become permanently useless for such purposes, the actual cost to the assessee of the animals can be reduced from and the amount realised in respect of the carcasses or animals.
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