Depreciation
This query is : Resolved
13 February 2021
A person stopped his entire business on10th March 2020.
Fixed assets are valued and and entire fixed assets are sold on the same day and no fixed assets for him as on 31-3-2020
Whether he is eligible for depreciation during the year ?
Fixed assets are valued and and entire fixed assets are sold on the same day and no fixed assets for him as on 31-3-2020
Whether he is eligible for depreciation during the year ?
13 February 2021
As per Income tax act,1961 no depreciation is allowed ,in your case, in the year of sale of the assets.
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