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Harshe (Student)     03 August 2021

Depreciation on sale of assets in the middle of the year

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)

 3 Replies


Nidhi (Chief Accountant)     04 August 2021

As per IT Act, depreciation is not allowed.
1 Like

Sourav (Student)     04 August 2021

No depreciation is not allowed

Rajesh (Former Director DRDO)     04 August 2021

It is short term gain, no allowed to be taken into account.

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