banner_ad

Depreciation on sale of assets in the middle of the year

Tax queries 291 views 3 replies
User Avatar

Student
23 Points Posted on 03 August 2021

I have assets whose wdv is 50 lakh as per IT act. During the year I sell the asset under slump se for 50 lakh during the year considering after 3 months. So while calculating networth will i be allowed depreciation for 3 months as per IT act considering section 43(6)

Reply Share Follow
On 03 August 2021 at 22:32 Report
Replies (3)
User Avatar

Chief Accountant
3150 Points Posted on 04 August 2021
As per IT Act, depreciation is not allowed.
9 Reply
On 04 August 2021 at 00:08
User Avatar

Chartered Accountant
24588 Points Posted on 04 August 2021
No depreciation is not allowed
129 Reply
On 04 August 2021 at 06:10
User Avatar

Former Director DRDO
114 Points Posted on 04 August 2021
It is short term gain, no allowed to be taken into account.
Reply
On 04 August 2021 at 11:35


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details