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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

Nidhi (Chief Accountant)     04 August 2021

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

Sourav (Student)     04 August 2021

No depreciation is not allowed
Rajesh

Rajesh (Former Director DRDO)     04 August 2021

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

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