What 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....
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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