SRINIDHI RAMJI (Student (CA Final)) (59 Points)
01 October 2018What is the IT depreciation rate for cattle?
A school has its own hostel. It buys a cow and uses its milk for hostel. How much depreciation can I claim for IT or can I treat it as a revenue exp. If so the benefit arising out of cow is more than 1 year....
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160442 Points)
Replied 01 October 2018
Depreciation is not allowed over livestock, nor treated as revenue expenditure, till its alive.
But any loss or gain due to death/sell is adjusted to P&L acct of previous year.
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