let's I purchase a asset for rs 100 on 01_04__2013 and depreciated @ 10% as on 31_03_2014.on 1st April I sold the asset for rs.10.now I booked loss on fixed assets rs.80/-in company books. now I can also claim dep. on rs.80 as per IT act. is not this double benefit.
Replies (3)
Guest
I think depreciation would be claimed in the year 13-14. And loss in next year.
Guest
I think depreciation would be claimed in the year 13-14. And loss in next year.
CAclubindia
