hi all,
i am dealing with a company it has not claimed any depreciation for last 3 years now the asset hasbeen sold out
can i now claim depreciation of last 3 years in current year as per income tax act and companies.
please post procedure for that.
thanx in advance
Hi Vikram,
Depreciation can be claimed only if the company is in possession of the asset. Since the asset has been sold depreciation cannot be claimed subsequent to the year of sale.
thanks for your reply monica
but my quiry is how to clime previous years depreciation not current year's
uncaimed dep. can be adjust..dear because u sold property, now it cannot claim
Unclaimed depreciation cannot be claimed in subesquent year even if the asset has not been sold.
CAclubindia
