conversion of partnership firm to prop.ship
This query is : Resolved
07 October 2008
hello friendz...
one of my client has changed its partnership to prop.ship
now i want to know dep.(only tax dep)status on aasets transfrd
conversion took place on jan20,2008
now who will charge dep?prop.or can partnership firm will also charge dep.upto date of transfer?
n what about additional dep on mach.purchased by partnership firm,can individual charge additional dep on it ?(as it has become second hand asset for him)
plz advice other tax implications also
all assets have been transferred at book value only
thankx
one of my client has changed its partnership to prop.ship
now i want to know dep.(only tax dep)status on aasets transfrd
conversion took place on jan20,2008
now who will charge dep?prop.or can partnership firm will also charge dep.upto date of transfer?
n what about additional dep on mach.purchased by partnership firm,can individual charge additional dep on it ?(as it has become second hand asset for him)
plz advice other tax implications also
all assets have been transferred at book value only
thankx
08 October 2008
1)depreciation will be charged in partnership accounts and thereafter in proprietry accounts.
2) These are second hand only to prop firm.
3) WDV will continue with prop.
2) These are second hand only to prop firm.
3) WDV will continue with prop.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Tax on capital gains revoked us 54f
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Applicability of Ind As to associate of associate
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
