1) if any asset is sold in between of any year then till that period will depreciation be charge in companies and income tax act
2) whther block concept is applicable in income tax act or company act
1) if any asset is sold in between of any year then till that period will depreciation be charge in companies and income tax act
2) whther block concept is applicable in income tax act or company act
Under Co's Act proprotionate depreciation will be charged till the sale date. Under the Income-Tax Act the Block concept is followed. So if any asset is sold from the block & the WDV of teh block still exists then depreciation wold be charged. If teh block ceases to exist after sale of the asset from the block then no dpereciation would be charged. Short Term Capital Gain/loss would be claculated if teh block ceases to exist.
CMNITY HIRE
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Karia Overseas
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T R SOOD & CO
New Delhi
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Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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