Hi
How depreciation will be calculated u/s 32 of Income tax when a proprietorship firm is converted to partnership firm in the middle of the financial year. eg prop firm from 01.04.13 to 31.07.13 and partnership from 1.8.13
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Depreciation when propietorship is converted to firm
Replies (1)
if the book value of assets is same as was in proprietorship then calculate dep. for whole year and then divide it proportionately between prop. and partnership firm....... if assets were taken over at another value then, dep. to be calculated on value in prop. for no. of days it was prop. concern and on the book value of partnership firm for remaining no. of days.
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